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For Immediate Release
BIA Digital Partners Invests $7.5 Million in Global Telecom & Technology
CHANTILLY, VA., July 6, 2011 - BIA Digital Partners II LP (“BIA”), a private investment firm focusing on mid - to later-stage companies, announced an investment of $7.5 million in Global Telecom & Technology, Inc. (“GTT” or the “Company") in June that allowed the Company to acquire UK-based PacketExchange.
Global Telecom & Technology is a global telecommunications carrier and leading network integrator serving the data communications needs of large enterprise, government and carrier clients. GTT combines their own network assets with the networks of over 800 suppliers worldwide to deliver cost-effective, scalable solutions supporting each client’s unique requirements. PacketExchange was a leading provider of customized Ethernet network solutions for businesses. The acquisition provided GTT with greater business scale and a combined customer base of over 1,200 worldwide clients, as well as an expanded portfolio of data services. The purchase price was funded primarily through a subordinated debt facility provided by BIA and senior facilities provided by Silicon Valley Bank. BIA has committed additional amounts for future acquisitions as well.
“The PacketExchange acquisition was an important step in GTT’s growth plan. The deal advances our growth strategy to scale the business globally through both organic growth and strategic acquisitions,” states Rick Calder, President and CEO of GTT. “We believe it is critical to utilize financing partners like BIA Digital Partners that understand telecommunications and can grow with us.”
“BIA was able to quickly grasp the advantages of the PacketExchange combination and provide flexible capital,” adds Eric Swank, CFO of GTT. “The acquisition should be immediately accretive and position GTT for further growth.”
“We have followed GTT since its initial acquisitions in 2006 and think highly of the team and business model. Supporting the PacketExchange acquisition made perfect sense given the similarity of the businesses, the ability to bolster the network and add a new customer set, and the opportunity for synergies. This propels GTT forward in its growth strategy,” states Lloyd Sams, Managing Principal of BIA Digital Partners. “Wired and wireless telecom remains focus sectors for our Fund.”
Additional information on BIA Digital Partners II LP is available by contacting Lloyd Sams or Gretchen Dowling at (703) 227-9600 or visit our website at www.biadp.com.
About Global Telecom & Technology, Inc. About BIA Digital
GTT is a global telecommunications carrier and leading network integrator serving the data communications needs of large enterprise, government and carrier clients in over 80 countries. We combine our own network assets with the networks of over 800 suppliers worldwide to deliver cost-effective, scalable solutions supporting each client’s unique requirements. Through our proprietary Client Management Database (CMD), GTT provides streamlined service design and quotation, rapid service implementation, and global 24x7 monitoring and support. GTT is headquartered in the Washington, DC metro region with offices in London, Dusseldorf, and Denver. For more information, visit www.gt-t.net/
BIA Digital Partners is a private investment firm, managing approximately $280 million. Financing is available for acquisitions, organic growth, recapitalizations and leveraged/management buyouts among other purposes. BIA Digital Partners maintains a focus on mid- to later-stage companies operating in the media and entertainment, telecommunications, information, education, business and consumer services industries. Investments generally range from $5 to $15 million and are typically in the form of subordinated debt with warrants or preferred equity. For more information on BIA Digital Partners, please visit www.biadp.com.
About BIA Digital