Exactly a week after Mitel (News - Alert) announced it had made an unsolicited bid for ShoreTel, the latter company announced its board has unanimously rejected the offer, saying the approximately $540 million/$8.10 per share offer undervalues contact center and telephony solutions provider ShoreTel (News - Alert).

Instead, ShoreTel’s President and CEO Don Joos said, the company will continue its push to accelerate growth and profitability by introducing a new common platform in April and by investing in strategic areas to ensure it remains well positioned now and in the future.

So far, so good.

ShoreTel late last week reported positive quarterly financial results, an increase in customer seats, new leadership in Asia, and an increase in installed customer seats.  For the first quarter of fiscal 2015, which ended Sept. 30, ShoreTel’s revenue was a record $90.4 million. That represents a 7 percent increase as compared to the first quarter of fiscal 2014.

Cloud monthly recurring revenues and support revenues at ShoreTel represented 39 percent of total revenue for the quarter; hosted revenues of $24.9 million were up 20 percent year-over-year and 3.5 percent sequentially; product revenues of $47.7 million were up slightly year-over-year, and up one percent sequentially; and support and services revenues of $17.8 million were up 12 percent year-over-year and 3 percent sequentially.

As for the number of installed customer seats, those increased 27 percent, putting them at 160,500. 

ShoreTel also noted it has named Frederic Gillant vice president and managing director for the Asia Pacific, a key region which ShoreTel has targeted for growth.

The company also has entered into a new line of credit facility, which is available until October 2019. That increases its borrowing capacity from $50 million to $100 million.

“Importantly, our growth initiatives, enhanced by our strong sales execution, continue to evolve,” Joos said last week, “and we are on track to deliver our next generation common platform in April, faster than originally anticipated. We have also increased our financial flexibility with the signing of our new $100 million line of credit facility.  We are pleased with our team’s strong execution and continued progress against our stated strategic goals.”