SHREWSBURY, N.J., Oct. 10, 2014 (GLOBE NEWSWIRE) — InterCloud Systems, Inc. (Nasdaq:ICLD) (“InterCloud” or the “Company”) announced today that it has completed its acquisition of cloud solutions company VaultLogix, LLC. Over the past twelve months, VaultLogix generated approximately $12 million in revenue and over $4.3 million in adjusted EBITDA.
“We are excited to close on this accretive acquisition of VaultLogix,” said Mark Munro, CEO of InterCloud Systems. “VaultLogix will immediately strengthen InterCloud’s competitive position within the cloud services market. In addition to new products, VaultLogix also brings us direct and indirect sales teams focused in the SMB and Middle-Markets that complement our Enterprise and Service Provider business segments. VaultLogix has a recurring revenue base of cloud storage and data protection services through over 600 channel partners, which we believe will catapult our growing sales through new bundled service offerings.”
The transaction consists of $16 million in cash, $12.75 million in restricted common stock, $11.5 million of which was valued at $16.50 per share, with the balance valued at market price, and $15.5 million in three year convertible seller notes, convertible at a fixed price of $6.37 per share. The cash payment necessary for the closing was obtained using a $13.2 million secured debt facility provided by White Oak Global Advisors, LLC, as well as a $4.3 million above-market-price common stock private placement with a single strategic investor.
About InterCloud Systems, Inc.
InterCloud Systems, Inc. is a single-source provider of end-to-end information technology (IT) and next-generation network solutions to service provider (carrier) and corporate enterprise markets through cloud-centric solutions and services. InterCloud offers cloud and managed services, professional consulting and staffing services, and voice, data and optical solutions to assist its customers in meeting their changing technology demands. Its engineering, design, installation and maintenance services support the build-out and operation of some of the most advanced enterprise, fiber optic, Ethernet and wireless networks. Additional information regarding InterCloud may be found on the Company’s website at http://www.intercloudsys.com.
About VaultLogix, LLC
Since 2002, VaultLogix has specialized in providing businesses with cloud backup and data protection services. The company offers business-class backup solutions to meet the data protection and regulatory requirements of a wide range of companies and organizations. VaultLogix maintains data vaults in Massachusetts, Louisiana and Toronto, Ontario. Visit us at www.dataprotection.com.