GTT Communications Inc, cloud networking provider to multinational clients, announced on Monday (1st October 2018) the acquisition of Access Point, a provider of communication services.
Access Point contributes to GTT:
- A growing roster of strategic enterprise clients, deepening GTT’s presence in key verticals such as retail, manufacturing and energy, with significant upsell opportunities
- Complementary managed broadband, internet and voice capabilities to reinforce GTT’s market leadership in cloud networking
- New partner relationships in the indirect channel, complementing GTT’s expanding presence in the channel marketplace
- A track record of serving clients with highly responsive support, aligning with GTT’s core values of simplicity, speed and agility
“Access Point’s strong client relationships in key vertical markets make it a compelling strategic fit for GTT,” said Rick Calder, GTT president and CEO. “We expect a rapid integration as we work with our new clients to deliver on our purpose of connecting people across organizations, around the world and to every application in the cloud.”
“With GTT, Access Point customers now have access to one of the industry’s largest Tier 1 global IP networks and a broad portfolio of cloud networking services backed by a commitment to providing outstanding service that mirrors our own,” said Richard Brown, Access Point CEO. “We value the loyalty of our customers, and we look forward to providing them an even more robust set of communication services as we integrate swiftly with GTT.”
GTT paid $40 million to acquire Access Point, composed of $35 million in cash and 115,194 shares valued at $5 million. Citizens Capital Markets served as adviser to Access Point on this transaction.
Industry: Telecommunications News