Vancouver-based IT infrastructure company PEER 1 Network Enterprises Inc. (TSX:PIX) this morning announced an agreement to acquire U.K.-based hosting company NetBenefit Ltd. for approximately $US38.5 million.
NetBenefit is a division of London-based hosting company Group NBT Ltd. According to a statement from PEER 1, NetBenefit has approximately 50 employees and 700 customers.
"This transaction vaults us into a clear leadership position in the U.K. managed hosting market and further underscores our commitment to the dynamic and growing EMEA [Europe, the Middle East and Africa] region," said Fabio Banducci, PEER 1 president and CEO.
"We believe our combined operating scale will allow us to market our shared leading-edge solutions to an even broader customer base across the EMEA region."
According to PEER 1, the transaction will also create financial benefits by integrating and migrating NetBenefit's business and servers into PEER 1's new 57,800-square-foot flagship data centre in the U.K.
According to PEER 1, the deal is a fully funded all-cash transaction.
