Fusion Acquires Cloud Services Provider Fidelity
Expands Fusion's Pro Forma Annual Revenues to More Than $115 Million and Its Business Customer Base to Over 13,000
NEW YORK, NY--(December 09, 2015) - Fusion (FSNN), a leading provider of cloud services, announced today that it has acquired Fidelity Voice and Data ("Fidelity"). Beachwood, Ohio-based Fidelity provides cloud voice, cloud connectivity, security, data center and cloud storage services to approximately 2,000 small, medium, and large business customers in the Midwest and throughout the U.S. Fusion expects to complete the integration of Fidelity by the end of the second quarter of 2016.
Total consideration in the transaction, which closed on December 8, 2015, was $30.0 million consisting of $28.5 million in cash and $1.5 million in Fusion common stock. The cash portion of the consideration was funded via Fusion's existing bank credit facility and its cash balances. The transaction is immediately accretive to Fusion, with substantial opportunity for cost savings through elimination of redundancies.
- Published: 09 December 2015
- Written by Editor