GEC NEWS WIREAspect Software revealed that its strategic action to facilitate its long-term growth, product innovation and ongoing pivot towards becoming the industry’s leading cloud-based provider has been approved by the court. In March, the company entered into a pre-arranged agreement with certain unaffiliated holders of Aspect’s debt obligations to ready the company for a financial restructuring and replacement of its existing credit facilities. The pre-arranged agreement, which was approved by the court, results in the reduction of more than $320 million of indebtedness, new secured financing and an infusion of fresh convertible debt capital to facilitate growth. Aspect expects to formally emerge from the restructuring process imminently after completing normal administrative processes.
“The court’s approval marks a major milestone in the multi-year transformation of Aspect’s business, through which we have evolved from a legacy technology company that sold a limited set of on-premises contact centre software, to a contemporary and comprehensive provider of contact centre and workforce optimisation solutions in the cloud,” said Stew Bloom, Aspect’s Chairman and CEO.
During Aspect’s transformation, the company invested $160M in acquisitions, technology agreements and partnerships that have resulted in the industry’s most comprehensive product portfolio. Aspect has a strong income statement with over $400M in revenue, $300M of which is recurring, and strong EBITDA performance. Moreover, the company maintains $100M in Cloud revenue backlog, driven in part by new year-over-year bookings growth of over 20% in 2015.
