GTT snaps up Perseus for $37.5 million

GTT snaps up Perseus for $37.5 million

GTT Communications has bought high-speed network provider Perseus Inc. for $39.5 million in its latest acquisition.

Perseus, which was backed by Goldman Sachs, runs a third party global network that touches six of the seven continents, with key hubs in New York, London, Sao Paulo and Hong Kong. It has been snapped up by GTT

Jock Percy, the CEO of New York-based Perseus, said GTT had bought the company after a “competitive process”.

He added: "“This transaction provides strategic benefit to both client bases as well as our organizations.

“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.”

The deal 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.

It follows GTT’s takeover of Hibernia Networks, completed in the first few days of 2017. GTT has been a highly acquisitive company, having bought One Source Networks and MegaPath in 2016.

“The acquisition of Perseus demonstrates our commitment to connecting people – across organizations 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 of the Perseus buy. “We look forward to serving our new clients with simplicity, speed and agility.”

Earlier this month, the company announced the creation of a new carrier division, alongside and enterprise and EMEA division, in order to accelerate sales growth and enhance the customer experience.

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