GTT Communications, Inc. (NYSE: GTT), the leading global cloud networking provider to multinational clients, announced today the acquisition of Perseus, a provider of high-speed network connectivity serving many of the world’s top financial and eCommerce companies.
- This strategic combination: • Extends the reach of GTT’s global Tier 1 IP backbone with new points of presence and routes connecting key markets in Latin America, Asia Pacific, India, and South Africa, including Pacific Express, the new low latency route between Chicago and Tokyo
- Increases GTT’s client base, adding clients in the financial service and eCommerce segments
- Reinforces GTT’s market leadership in ultra-low latency services and augments cloud networking portfolio with financial market data services
The purchase price was $37.5 million, plus the assumption of approximately $3 million in capital leases. GTT expects that the purchase price will reflect a multiple of post-synergy adjusted EBITDA of 5.0x or lower, with integration and cost synergies to be achieved within two-quarters.
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“The acquisition of Perseus demonstrates our commitment to connecting people – across organisations and around the world – by strengthening our low latency service offerings and accelerating our expansion into key high-growth financial markets,” said Rick Calder, GTT president and CEO. “We look forward to serving our new clients with simplicity, speed and agility.”
“This transaction provides strategic benefit to both client bases as well as our organisations,” said Jock Percy, Perseus chief executive officer. “GTT gains an expansive global network footprint and world-class clients. We thank our employees and clients for their loyalty and expect a seamless integration with GTT over the upcoming months.”
About GTT
GTT provides multinationals with a better way to reach the cloud through its suite of cloud networking services, including wide-area networking, the Internet, managed services and voice services. The company’s Tier 1 IP network, ranked in the top five worldwide, connects clients to any location in the world and any application in the cloud. GTT delivers an outstanding client experience by living its core values of simplicity, speed and agility. For more information on how GTT is redefining global communications, please visit www.gtt.net.