Investment firm Siris Capital has completed its buyout of communications and collaborationÂ tools developer Polycom forÂ nearly $2 billion cash, or $12.50 per share.
San Jose, California-basedÂ PolycomÂ said MondayÂ itÂ has stopped trading on the Nasdaq stock exchange as a result of the transactionÂ and will continue to operate under its own name.
Polycom had to terminateÂ a priorÂ $1.96 billion merger agreementÂ withÂ Ottawa, Canada-based communications firmÂ MitelÂ in JulyÂ in order to be acquired byÂ Siri Capital.
Daniel Moloney, an executive partner at Siris Capital, said the company aims to help drive Polycomâs strategy to market audio, video and content collaboration platforms as well as create value forÂ customers and partners.
Mary McDowell, a former Siris Capital executive partner and technology industry veteran, has succeededÂ Peter Leav as CEO of Polycom upon closing of the deal.
She previously held senior executive roles at Nokia, Â Compaq Computer and Hewlett-Packard.
McDowell also currentlyÂ serves on the boards of Autodesk, Bazaarvoice and UBM.