LiveVox to Become Public Company Following Business Combination With Crescent Acquisition Corp


Crescent Acquisition Corp (CRSA) completed its previously announced business combination with LiveVox Holdings, Inc., a leading cloud-based provider of customer services and digital engagement tools.

Crescent Acquisition Corp is a publicly traded special purpose acquisition company (SPAC) formed by Crescent Capital, Robert D. Beyer, and Todd M. Purdy, to accomplish several transactions like mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations with one or more businesses or assets.

LiveVox Holdings’ shares, units, and warrants will begin trading on The Nasdaq Global Select Market from June 22, with the symbols “LVOX”, “LVOXU”, and “LVOXW”, respectively. The founder and CEO of LiveVox, Louis Summe, will continue to lead the business.

LiveVox secures deals over its competitors due to its superior technology and blended omnichannel approach to digital engagement and customer service. The company’s CCaaS 2.0 platform enables modern contact centers focused on helping customers to enhance their performance by adopting new technologies like AI and speech analytics.

LiveVox will receive $123 million to speed up growth by investing in sales and marketing. The added liquidity will also fund future growth opportunities. Further terms of the transaction have not yet been disclosed.

Todd Purdy, CEO of Crescent Acquisition Corp, commented, “We’re thrilled to partner with the LiveVox management team and Golden Gate Capital as the Company accelerates its growth into a massive market opportunity, with the secular shift of contact centers to the cloud.”

He further added, “After we took Crescent Acquisition Corp public, we searched for a market-leading company with a world class management team, and in LiveVox we found that and so much more.” (See CRSA stock chart on TipRanks)

Northland Securities analyst Michael Latimore recently initiated coverage on Crescent Acquisition with a Buy rating and the price target of $17 (86.4% upside potential).

Latimore said that LiveVox is “easy to adopt and use”, and its contact center platform “unifies omnichannel communications, CRM, and WFO functionality into a single cloud-based customer engagement solution”.

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 2 unanimous Buys. The average Crescent Acquisition analyst price target of $15.50 implies 70% upside potential from current levels.

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Crescent Acquisition Corp, with 6.1% of investors increasing their exposure to CRSA stock over the past 30 days.

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