TeraGo Networks, a wholly owned subsidiary of data center and cloud services provider TeraGo, signed an agreement to final purchase assets to acquire the hosting business currently operated and directed by AirVM Inc. of Ottawa financial conditions of the acquisition are not disclosed.
the current acquisition will expand Infrastructure-as-a-service (IaaS) offerings to TeraGo sites in the US and UK. In addition, the hosting business AirVM bring with it the additional talent through new employees who join the team TeraGo and a host of new customers and channel partners TeraGo is eager to work with.
"the hosting companies acquisition will facilitate our growth in the enterprise cloud IaaS and adding new international distribution partners that will enable us to further accelerate our growth, both here and abroad, "said Stewart Lyons, president and CEO of TeraGo ." This acquisition gives us a global presence, and enables us to serve European and uS customers with offers to very competitive prices due to the exchange rate. We are also pleased to welcome new employees to our company who have worked to build and grow the business hosting to AirVM. "
L acquisition will be financed without access existing credit facilities TeraGo and therefore offer additional financial flexibility for TeraGo to continue to take advantage of opportunities in its pipeline of acquisition. The closing of the acquisition to occur towards the end of May 2016.
TeraGo manages over 3,000 cloud workloads, seven data centers in the GTA, the Greater Vancouver area, Ottawa, Winnipeg and Kelowna and owns and operates its own IP network. The company serves more than 4000 business customers in 46 major markets across Canada including Toronto, Montreal, Calgary, Edmonton, Vancouver and Winnipeg.
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