Ericsson to buy cloud firm Vonage for $6.2 billion

Stockholm: Mobile telecoms equipment maker Ericsson said on Monday it had agreed to buy cloud communications firm Vonage for $6.2 billion.

"The merger agreement was approved unanimously by the Board of Vonage," Ericsson said in a statement.

"The transaction builds upon Ericsson's stated intent to expand globally in wireless enterprise, offering existing customers an increased share of a market valued at $700 billion by 2030."