07 Jun Acquisition Complete: Global Telecom & Technology Buys Out PacketExchange
Following the initial ‘plans for acquisition’ announcement that was just made on May 23 by Global Telecom & Technology (GTT), the company made the official announcement yesterday, June 6, that the acquisition of UK-based PacketExchange is complete.
In a move intended to help GTT further advance its strategy to scale business on a global level and claim a customer base of over 1,200 clients worldwide, the acquisition, GTT is hopeful for a bright future following its integration with PacketExchange.
GTT has moved rapidly to integrate the network assets, services and clients into its proprietary Client Management Database (CMD) to ensure seamless high-quality support of ongoing client installations, service delivery and network support.
GTT will add significant network assets in North America, Europe, and Asia 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, complete end-to-end managed network solutions.
“We are excited with the rapid progress in closing and integrating the PacketExchange acquisition,” states Rick Calder, President and Chief Executive Officer of Global Telecom & Technology. “The combination advances our growth strategy to scale the business globally through both organic growth and strategic acquisitions.”
The acquisition was funded through an expanded term loan facility with GTT’s existing lender, Silicon Valley Bank and a new term loan facility from BIA Digital Partners, a private investment firm with a focus on mid to later-stage companies.
“Silicon Valley Bank continues to be a strong and supportive partner for GTT, and we are very excited to be working with BIA, who has also been supportive of our business model and acquisition strategy in the past,” comments Eric Swank, Chief Financial Officer of Global Telecom & Technology. “Their collective commitment demonstrates the economic potential of this combination and we look to unlock that potential with expanded top and bottom-line performance.”
GTT is a global telecommunications carrier and leading network integrator serving the data communications needs of large enterprise, government and carrier clients in over 80 countries. We combine our own network assets with the networks of over 800 suppliers worldwide to deliver cost-effective, scalable solutions supporting each client’s unique requirements. Through our proprietary Client Management Database (CMD), GTT provides streamlined service design and quotation, rapid service implementation, and global 24×7 monitoring and support. GTT is headquartered in the Washington, DC metro region with offices in London, Dusseldorf, and Denver. For more information visit the GTT website at www.gt-t.net.