GTT snaps up Access Point in $40m deal
02 October 2018 | James Pearce
Acquisitive GTT Communications has added another company to its growing list of purchases, buying US communications services provider Access Point for $40 million.
North Carolina-based Access Point offers broadband and dedicated internet access, hosted PBX, hosted IP, SIP Trunking, MPLS, wireless, local and long distance voice among other communications technology services. Launched in 1996, the company will boost GTT’s US enterprise client base and deepen the carrier’s presence in verticals such as retail, manufacturing and energy.
GTT said it made the acquisition as Access Point offers “complementary managed broadband, internet and voice capabilities” as well as strengthening GTT’s channel partner presence.
“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.”
The deal cost GTT $40 million overall – made up of $35 million in cash and the rest made up of shares.
It is the latest acquisition for the Virginian-based company, which has a long history of growing through mergers and acquisitions. Earlier this year, it agreed a deal to buy Interoute for $2.3 billion, adding 15 data centres, 17 virtual data centres, and 51 new co-location facilities to its footprint.
Other significant acquisitions over the last few years have included a $590 million deal to buy Hibernia Networks and the $100 million deal to buy Global Capacity, both sealed last year. Overall, GTT has bought more than 30 companies over the last decade, during Rick Calder’s reign as CEO of the company.
On the acquisition of Access Point, Calder said: ““Access Point’s strong client relationships in key vertical markets make it a compelling strategic fit for GTT. 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.”
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