Technology focused private equity firm Siris Capital Group LLC is taking Premiere Global Services Inc. (NYSE: PGI)private for $1 billion in cash.

The purchase price values PGI at $14 per share. The target’s stock closed at $11.35 on Sept. 10. The deal agreement gives PGI a 45-day go-shop period.

PGI, founded in 1991, provides communications software for video and web conferencing. The Atlanta-based company has around 50,000 customers and generated $567 million in revenue in 2014. PGI CEO Boland Jones says going private will accelerate the target’s growth path in order to stay competitive in the communication fields.

Earlier in 2015, New York-based Siris closed its third fund valued at $1.8 billion and completed the $840 million acquisition of e-commerce company Digital River.

Allen & Co. and Alston & Bird LLP are PGI’s advisers. Barclays plc (NYSE: BCS), SunTrust Robinson Humphrey, Macquarie Capital (USA) Inc., William Blair & Co. and Evercore Partners Inc. (NYSE: EVR) are advising Siris, which is being represented by Sidley Austin LLP.

Siris is receiving financing from Barclays, SunTrust and Macquarie.

Technology