Woodland Hills-based B. Riley Financial Inc. said a business unit has agreed to sell its Broadsmart Global Inc. for $7.4 million in cash to a Silicon Valley company.
The transaction is expected to close by the end of the month.
Broadsmart Global, a provider of communication services, was purchased by Sunnyvale-based Ooma Inc., a smart communications platform for businesses and consumers. Ooma offers internet phone connections for small business, home and mobile telephone users.
Broadsmart Global was previously a unit of MagicJack VocalTec Ltd., a cloud-based communications company, which was acquired by B. Riley Principal Investments for $143 million in November 2018.
Ananth Veluppillai, chief operating officer of B. Riley Principal Investments, said the sale of this asset reflects the continued execution of his company’s strategy to “unlock value for our investors.”
B. Riley FBR Inc. — a subsidiary of B. Riley Financial — acted as financial adviser on the deal.
For reprint and licensing requests for this article, CLICK HERE.