Global Telecom & Technology Inc. (GTT) (GTLT), a global network integrator based in McLean, Va., announced Wednesday that it has completed its acquisition of privately-held WBS Connect LLC, a Denver-based provider of high bandwidth IP and WAN services.
The announcement follows regulatory approval for the acquisition from the Federal Communications Commission.
The final purchase consideration consisted of 500,870 shares of GTT common stock, $1.3 million in cash, seller notes, an earn-out opportunity for the sellers, and the assumption of certain WBS Connect liabilities and its working capital.
With this acquisition, GTT adds more than 400 customers and a broader IP transit and Ethernet product suite. Additionally, the company’s network infrastructure now spans more than 60 points of presence in major metro markets throughout North America, Asia and Europe.
WBS Connect co-founders and managing directors Scott Charter and Mike Hollander will remain with the organization and serve on the GTT leadership team as chief marketing officer and senior vice president of sales for WBS network, respectfully.
“We’re thrilled to welcome Scott Charter and Mike Hollander to the GTT team,” said Rick Calder, president and CEO of GTT. “We believe that adding WBS’ talents, resources and complementary product set into our robust GTT company portfolio further enhances our ability to deliver additional value to our customers.”
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October 12 2018 @ 15:55:08 UTC