Another provider of cloud-based telephony, Smooths

Another provider of cloud-based telephony, Smoothstone IP Communications, was acquired by West Communications for 3.1x revenue and 38x EBITDA. The Company believes that should such forward looking valuation levels be accorded to Fusion, the Company may gain the ability to leverage its high valuation in acquiring smaller companies at significantly lower valuations and to arbitrage the difference between its own valuation and that of the acquired company.