BIA Digital Partners Invests $7.5 Million in Global Telecom & Technology
CHANTILLY, Va.--(EON: Enhanced Online News)--BIA Digital Partners II LP (“BIA”), a private investment firm focusing on mid- to later-stage companies, announced an investment of $7.5 million in Global Telecom & Technology, Inc. (“GTT” or the “Company") in June that allowed the Company to acquire UK-based PacketExchange.
“The acquisition should be immediately accretive and position GTT for further growth.”
.Global Telecom & Technology is a global telecommunications carrier and leading network integrator serving the data communications needs of large enterprise, government and carrier clients. GTT combines their own network assets with the networks of over 800 suppliers worldwide to deliver cost-effective, scalable solutions supporting each client’s unique requirements. PacketExchange was a leading provider of customized Ethernet network solutions for businesses. The acquisition provided GTT with greater business scale and a combined customer base of over 1,200 worldwide clients, as well as an expanded portfolio of data services. The purchase price was funded primarily through a subordinated debt facility provided by BIA and senior facilities provided by Silicon Valley Bank. BIA has committed additional amounts for future acquisitions as well.
“The PacketExchange acquisition was an important step in GTT’s growth plan. The deal advances our growth strategy to scale the business globally through both organic growth and strategic acquisitions,” states Rick Calder, President and CEO of GTT. “We believe it is critical to utilize financing partners like BIA Digital Partners that understand telecommunications and can grow with us.”
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