Global Telecom & Technology acquires PacketExchange
Global Telecom & Technology Inc, (OTCBB: GTLT), a global telecommunications carrier and network integrator serving the data communications requirements of enterprise, government and carrier clients, has announced an agreement to acquire UK-based PacketExchange. GT&T will pay $20 million in cash and assumed debt to acquire PacketExchange, which through subsidiaries operates network assets throughout the US, Europe and Asia, and serves approximately 500 customers. The transaction is planned to close by the end of the 2nd quarter of 2011.
When the PacketExchange acquisition is complete, GT&T will gain greater scale and a broader global customer base of over 1,200 worldwide clients, and 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. GT&T 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. Read complete press release.
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