GTT to offload assets to cut mounting debts
Senior management at American network operator GTT Communications have admitted that they are seeking to sell-off non-core assets in order to reduce the firm's $3.2 billion debt burden.
The asset sell-offs would also allow it to focus on cloud networking services, president and CEO Rick Calder said during the firm's latest quarterly earnings call.
The great sell-off
GTT Communications (formerly Global Telecom & Technology) is headquartered in McLean, Virginia. The company operates a Tier 1 network and provides IP transit and MPLS transport services to enterprise, government, and carrier customers in over 100 countries.
The company's second-quarter results released last week, however, showed the firm was struggling, with revenue coming in well below analyst expectations, as well as losses growing above anticipated levels.
In the second quarter, GTT reported a net loss of $33.3 million compared to a net loss of $136.3 million the same time last year. This year's Q2 loss was up from its net loss of $27.3 million in the first quarter, and the growing loss was “primarily the result of non-recurring costs.”
Second-quarter sales also disappointed coming in at $433.8 million. Whilst this was up 32.7 per cent from last year, it declined 3.6 per cent compared to the first quarter.
GTT's total liabilities rose to $4.5bn, with a hefty $3.2bn debt burden.
These grim figures resulted in a big drop in GTT's share price to just $4.90, although its shares did recover to $8.11 on Monday after the telco company revealed it was seeking financial advice on selling off non-core assets in an attempt to pay down some of its obligations.
CEO Calder did not identify which businesses would be up for sale, but he said that GTT has engaged an advisor to explore options.
Some of GTT's troubles have stemmed from its recent acquisition spree.
“From the beginning of 2017 until now, we have closed and integrated 10 acquisitions and nearly quadrupled the size of the firm,” Calder said. At the time of publication, GTT had a market cap of $457m.
These acquisitions included GTT buying British network and infrastructure specialist Interoute for $2.3 billion in cashback in February 2018, and last month it also said it was acquiring telco and IT provider KPN International for $56m in cash.
“Each of the companies we acquired had a flat or declining trajectory at the close,” Calder said in the earnings call. “And while we have not yet returned to growth, we have assembled all the right components to return to growth in the future.”
GTT's troubles may not be entirely over, however.
On Monday, Pomerantz LLP, lawyers specializing in securities issues, announced it is investigating claims on behalf of investors of GTT Communications.
“The investigation concerns whether GTT and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices,” the law firm said.
- Information Security Risk Consultant, London. ISO 27005
REFCH7901 Information Security Risk Consultant, London. ISO 27005 Information Security Risk consultant needed for a London based client. The ability to achieve SC security clearance will be required. ISO 27005 Risk Assessment experience is essential. The role will cover, Risk identification, Assessment and Advisory consulting. This is a client facing role, single client- not multiple. Experience working with multiple teams and internal stakeholders is essential. The information Security Risk Consultant should ideally have a breath of information Security and IT technology based security experience. Prior experience within the public sector is desirable, but not essential. Broad knowledge across Security IT transformation, Cloud is also key. Broad experience across GRC, iso27001, NIST is key. Ongoing support and training provided. Apply today for more information, all details kept in confidence.
- Google Cloud platform Security Engineer, Contract, inside IR35
- United Kingdom
REF CH7897 Google Cloud platform Security Engineer, Contract, Inside IR35 Looking for a Google Cloud platform Security Engineer will define, document, design, implement, harden and generally improve the security capability of a Google Cloud Platform. The ability to configure, and deploy the following Google Cloud Platform security solutioons is essential; Command Security Centre, Cluster Security, APIGEE, GCP Cloud Armor Hands on technical expertise security experience with Terraform, Kubernetes Security, Container (Docker) security, Secret Manager is essential as is experience securing Google Kubernetes Engine Workloads. It is essential that you have a proven track record of securing a GCP environment and expertise in automating that with Terraform. Scripting experience with the above where appropriate is a key ability. You will be highly technical and have the ability to engage with stakeholders to ultimately deliver a secure and hardened Google Cloud Platform.
- Security Analyst, London. Financial Services. End user.
CH7885. Security Analyst, London. Financial Services. End user. Immediate role. £55,000 Security Analyst needed to monitor and manage a security suite of tools within Financial Servicecs end user . The Security Analyst will be responsible monitoring, configuring, fine tuning, incident management and generally improving the security tool capability. Specific experience with CyberArk, Tripwire Log Center and Tripwire Enterprise is highly desirable). Current experience with Vulnerability management and penetration testing is highly desirable. Specifically the ability to effectively manage 3rd party pen tests. You will be working within a specialist security team reporting to the CISO. Experience working within a regulated end user environment within financial services is highly desirable. This role will run a hyrbid working schedule, partly remote, partly office based in London (once permitted) This is an exclusive role to DCL Search & Selection. https://calendly.com/chris-holt/call-with-chris-holt-dcl-search
- IAM Consultant- Identity Governance
- United Kingdom
- Upto £80,000 plus benefits
Identity and Access Management Consutlant is required for this established business who put their employees first. the role entails • Develop and maintain IAM services. • Further develop IAM tool integration with Service Now to provide automated JML processes and application access requests and fulfilment. • Provide guidance over Role Based Access in terms of Location based Roles, Application Roles and Business Roles and act as SME over any future RBAC project. • Work closely with our other Technology teams on integrating IAM services with Technology and business systems to increase efficiency through automation around areas such as JML processes, application access request fulfilment and attestation. • Work with the Governance Risk & Compliance (GRC) team to provide application access attestations and toxic combination alerting and reporting. • Involvement with Identity Management initiatives such as Single Sign On (SSO) and Privileged Access Management (PAM), to ensure security and business processes are in line with industry best practice. • Assist in ensuring that all IAM capabilities are mapped to internal processes, policies, and standards. Develop metrics to measure and improve the alignment. • Complete monthly review and report on sensitive group access, i.e., service accounts, admin accounts, etc. validating I&O processes are effective. • Provide information to both internal and external Auditors in response to findings. • Collate audit evidence for AAF audit and control reviews, taking responsibility for identifying service and process improvements to ensure compliance with our controls and standards. We are looking for someone with Hands on technical experience with the IAM tools, you need to have been involved in the integration of the IAM solution into 3rd party software like Servicenow, You will have worked with an IAM tools that are focused into Identity Goveranance, like RSA, CA Identity Suite, Fischer Identity, Hid Global, IBM IGL, Net IQ Identity Goverance, Omada, Ping or Oracle Post covid, this role will invovle a mix of home and office work, the business have a number of office spread across the UK so locaton is flexible for this position