Global Telecom & Technology (GTT) has made a deal to buy privately held, U.K.-based PacketExchange. GTT says the purchase underlines its growth strategy to scale the business globally through both organic growth and strategic acquisitions.
GTT will pay up to $20 million in cash and assumed debt to acquire PacketExchange, which through its subsidiaries operates network assets throughout the U.S., Europe and Asia, serving approximately 500 customers generating more than $20 million in annualized revenue post-acquisition. In combination with GTTs existing network and operating platform, the acquired business is expected to drive significant incremental EBITDA. GTT expects the transaction to close by the end of the Q2 2011.
GTT will gain greater scale and a broader global customer base of more than 1,200 worldwide clients, as well as an expanded portfolio of data services, including Global Ethernet, Global Peering, Collaborative Networking, Cloud Networking, Dedicated Internet Access and Transit, as well as Network Infrastructure-as-a-Service and complete end-to-end managed network solutions. GTT expects to rapidly integrate the network assets, services and clients into its proprietary Client Management Database (CMD) to provide seamless high-quality support to all clients.
"The addition of PacketExchange strengthens our robust portfolio of telecom services, and these assets advance GTTs strategy to rapidly scale our global telecom business. With this transaction, we will further leverage our unique intellectual capital and enhance our established reputation for providing reliable telecom services to our global customer base," said Rick Calder, president and CEO of Global Telecom & Technology.
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