The Gores Group acquired Unify (formerly known as Siemens Enterprise Communications), in July of 2008, transforming it from a company with a falling revenue stream to a free-standing entity and premier player in the unified communications space. To date, Gores has helped Unify implement over €650 million in cost-cutting measures and achieve a €200 million debt raise.
Unify is a leading unified communications solutions provider serving enterprise customers. Prior to Gores’ ownership, Unify had experienced a substantial decline in revenue and had already undertaken restructuring efforts. After a 2006 sale process, few potential buyers remained with the expertise required to execute a complicated carve-out and challenging turnaround. In June 2008, Siemens AG approached Gores regarding a potential transaction, based on the rapport developed between Alec Gores and senior Siemens AG management and Gores’ reputation for prompt execution. In less than one month, Gores had assessed the costs of restructuring and extraction, reviewed the off-balance sheet guarantees, and developed a plan for turning around the business.
A joint venture agreement was entered into in which Gores agreed to contribute Enterasys and SER, two GCP companies, cash for a 51% interest in the Siemens Enterprise Communications JV, now Unify. By contributing Enterasys and SER, Gores was able to further enhance Unify’s position as a premier unified communications player.
Following the carve-out from Siemens AG, Gores worked towards stabilizing the business through aggressive restructuring and transformational acquisitions, starting with the successful integration of Enterasys and SER to capture growth and cost synergies. The turnaround launched under a new executive management team Gores had put in place. To date, Unify has achieved over €650 million in cost-cutting measures, and in November 2010 the company completed a €200 million debt raise. In October 2013, the company underwent a rebranding initiative to reflect its mission to unify multiple networks, devices and applications to deliver a streamlined user experience for enterprise customers.
In January 2016, The Gores Group completed the sale of Unify to Atos SE
(ENXTPA: ATO), a leading French IT Services and Consulting company.