InterCloud Systems, Inc., a global single-source provider of value-added services for both corporate enterprises and service providers, is all set to acquire VaultLogix, LLC.
InterCloud has already entered into a definitive agreement in this regard and the transaction is expected to close in the next 60 days. However, it is subject to customary closing conditions and acceptable financing terms.
VaultLogix, which specializes in providing businesses with cloud backup and data protection services, has over $12 million in annual recurring revenue with EBITDA at approximately $4.5 Million.
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.
The company prides itself in offering the latest backup services for SMBs and resellers.
"We look forward to both selling the VaultLogix services to the impressive InterCloud clientele as well as cross-selling the portfolio of InterCloud services to our existing team of resellers and customers," said Tim Hannibal, CEO of VaultLogix, in a statement.
Hannibal said that as the managed services industry evolves, customers are looking toward a single vendor for multiple cloud services.
He said that InterCloud's wide range of cloud services such as IaaS, virtual desktop, hosted exchange, disaster recovery in the cloud and file sharing are highly complementary to the VaultLogix cloud backup service.
Mark Munro, CEO of InterCloud Systems said that the acquisition of VaultLogix will strengthen InterCloud's position within the rapidly growing cloud-based services market.
“VaultLogix has its own intellectual property and will integrate seamlessly with our own cloud platform. In addition it brings InterCloud over 500 channel partners, which will catapult our growing channel sales efforts. We will continue to broaden our cloud portfolio and differentiate ourselves from our competitors," said Munro.
TMCnet reported in January that InterCloud Systems., a provider of end-to end IT and telecom solutions to the service provider and corporate enterprise markets, has completed the acquisition of Integration Partners-NY Corporation , a managed service provider offering its enterprise and service provider clients an end-to-end portfolio of IT solutions.