On Wednesday, videoconferencing specialist Polycom (NASDAQ:PLCM) announced it has signed a definitive agreement to purchase privately-held Sentri, "a leading provider of advanced services with expertise in Microsoft technologies (such as Microsoft Lync™, SharePoint and Office 365), UC&C, video collaboration, cloud services and networking." The purchase price is said to be "less than $10 million," and the transaction is expected to close in Q1 2013.

In a statement on the acquisition, Polycom cited Sentri's "deep expertise integrating Microsoft Lync with Polycom solutions" as a key reason it wanted to own the company. As the company explained:

Polycom has a portfolio of more than 40 video and voice products that interoperate with Lync, and the majority of customers choose Polycom and Microsoft over other vendors for a complete UC&C solution.

Citing a Gartner research report, Polycom noted that the global market for video collaboration services is already valued at $1.6 billion, and could grow as much as 21% to $2.94 billion by 2016.

Polycom shares are nonetheless down today, closing off 2.2%, at $10.93.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Polycom. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.