(WEB HOST INDUSTRY REVIEW) — Worldwide network integrator Global Telecom & Technology (www.gt-t.net) has completed its acquisition of WBS Connect (www.wbsconnect.com), an IT services company that provides premium services such as cloud computing and high-definition video conferencing.
According to its Wednesday announcement, this acquisition will add more than 400 customers and a broader IP transit and Ethernet product suite. Additionally, GTT’s network infrastructure will now span more than 60 points of presence in major metro markets throughout North America, Asia and Europe.
“With the close of this transaction, GTT reaches an important milestone in its evolution as a leading global network integrator,” GTT president and chief executive officer Rick Calder said in a statement. “This acquisition leverages our past financial successes and positions the company for the next level of growth. By layering WBS Connect’s services onto our existing operational platform, we can expand our EBITDA and enhance our financial profile.”
After receiving regulatory approval from the Federal Communications Commission for the acquisition, the final purchase consisted of about half a million 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.
WBS Connect co-founders and managing directors Scott Charter and Mike Hollander will remain with the organization and serve on the Global Telecom & Technology leadership team. “It’s a truly rewarding opportunity to bring value through our products and technology to an organization of this caliber, while enhancing the experience for our customers,” stated Charter, who has been appointed GTT’s chief marketing officer.
Calder said the company is thrilled that Charter and Hollander could join 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,” Calder concluded.
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