VoIP Inc. on Monday said it planned to acquire privately held DTNet Technologies in an all-stock deal.
Under the agreement, VoIP will acquire the Tampa, Fla.-based maker of cable and DSL equipment for 2.5 million common shares of VoIP. Based on VoIP's closing price of $3.25 on Friday, the deal is valued at $8.1 million.
DTNet sells customer-premise equipment to cable and DSL Internet-service providers in North America. Company sales have increased from about $2 million in 2001 to $4.7 million last year, VoIP officials said. DTNet's customer base includes Time Warner, Cox, Comcast, and CableVision.
VoIP, based in Fort Lauderdale, Fla., sells Internet-based telephone equipment and services, as well as high-speed wireless technology.