Global Telecom & Technology announces the completion
of its acquisition of UK-based PacketExchange.
This acquisition provides GTT with greater business scale
and a combined customer base of over 1,200 worldwide clients. 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.
Officially announced on May 23, 2011, 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.
We 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,” said Rick Calder, president and chief executive
officer of Global Telecom & Technology.
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,” said Eric Swank, chief financial officer of Global Telecom &
Technology.