Expands portfolio of data services
Global Telecom & Technology (GTT), a provider of telecommunications and network integrator services, has acquired UK-based PacketExchange.
Through this acquisition, GTT hopes to enhance its business scale and the combined customer base to increase to approximately 1,200 worldwide clients.
In addition, GTT said that the acquisition will add network assets in North America, Europe, and Asia. The company will also expand its portfolio of data services, including: Global Ethernet, Global Peering as well as Network Infrastructure-as-a-Service, complete end-to-end managed network offerings.
Global Telecom & Technology president and CEO Rick Calder said they are excited with the rapid progress in closing and integrating the PacketExchange acquisition.
"The combination advances our growth strategy to scale the business globally through both organic growth and strategic acquisitions," Calder said.
GTT said that the acquisition was funded through an expanded term loan facility with the company’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.