Last week we learned that GTT bought Perseus, adding depth in the financial vertical. But actually that’s GTT’s second acquisition of the Spring. In May they quietly closed an acquisition of the assets and customer base of Giglinx Global, Inc. according to Giglinx’s President Marcus Mamolen.
Giglinx was an IP aggregator and broker, buying network capacity and other services from various network operators and serving it to their customers at a wholesale discount with added support and flexibility. Among their top customers were big names like SpaceX, Uber, and Enom.
The deal added somewhere in the neighborhood of $16M in annual revenues to GTT’s top line and presents them with cross sales opportunities to that customer base. But perhaps most importantly, GTT also brought Giglinx’s entire sales team on board, which will give them more firepower to drive further revenue growth.
GTT CEO Rick Calder has set an aggressive goal of $1B in annual revenue and $250M in EBITDA via both organic and inorganic paths. Over the winter the company bought Hibernia Networks, adding a transatlantic cable and substantial dark fiber assets to its infrastructure base.
The deal for Giglinx’s assets was for $21M in cash.
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Categories: Mergers and Acquisitions
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IIRC, that’s all GTT was when they started.
GTT JUST LAYED OFF ABOUT 200 people. Several senior leaders included. What a mess.