nexVortex has made its second acquisition in just over a year, with the buy of agileTel, a hosted voice provider with a focus on serving franchise-based companies.
The agileTel acquisition will help nexVortex open the door to vertical markets, delivering managed SIP, a hosted voice portfolio and multi-location solutions.
“We are continually looking for ways to better serve customers in all markets, and the agileTel acquisition has helped round out our portfolio to address the specific needs of companies with widely distributed locations like franchised businesses,” said nexVortex president and CEO, Fred Fromm. “Estimates put the number of franchise units in the U.S. at nearly 800,000 locations, and this acquisition puts us in a strong position to grow into and serve that marketplace.”
Data from the International Franchise Association (IFA) show that franchise-format businesses cross over into 300 business lines which are categorized into 10 major groups, including automotive, business services, commercial & residential services, lodging and personal services. Those groups are responsible for 8.9 million jobs, $890 billion of economic output and represent 3 percengt of the U.S. Gross Domestic Product (GDP). The IFA estimates that all 10 categories will show growth this year and that the growth in franchised businesses in total will continue to outstrip that of the general economy.
“As older circuit switched infrastructure and equipment are retired at an accelerated rate, solutions like those delivered by nexVortex will continue to grow as cloud communication services becomes the new standard,” the company said.