Tag: One Source Networks

GTT Acquires One Source Networks in Austin for $175 million

imgres-2GTT Communications Tuesday announced it entered into an agreement to acquire One Source Networks, an Austin-based telecommunications company, for $175 million.

GTT reports the acquisition extends its worldwide network, expands its cloud networking services and increases its multinational client base and adds talent to its sales force.

The deal involves GTT paying $175 million including $165 million in cash and $10 million in GTT common stock.

One Source Networks is profitable. For the quarter ending June 30th, the company reported revenue of $20.5 million and a profit of $9.1 million. For the 12 months ended June 30th, the company had revenues of $74.6 million and a gross profit of $31 million.

The deal is expected to close in late October subject to regulatory approval.

“This transaction accelerates our growth strategy by adding deep relationships with a diverse blue-chip client base and broadening our portfolio of cloud networking services,” Rick Calder, GTT President and CEO, said in a news release.

“Today’s agreement provides great benefit to our clients as well as our two organizations,” Ernest Cunningham, One Source Networks CEO, said in a news release. “GTT gains a talented employee base with a proven track record of supporting Fortune 1000 clients and a passion for providing a differentiated service experience. OSN clients will benefit from GTT’s global network reach and expertise in delivering a comprehensive portfolio of cloud networking services.”

12 Austin Companies Make Deloitte’s Technology Fast 500 List

us_tmtf500Twelve Austin companies made Deloitte’s annual Technology Fast 500 list, up from eight companies last year.

Deloitte ranks the fastest growing private and public companies in the technology industry. Five of the companies made the list last year and again made the list this year including Kinnser Software, 181, Bazaarvoice, 186, SailPoint, 233, HomeAway, 404 and SolarWinds, 405.

Phunware ranked highest on the list at the number four spot growing at 17,716 percent from last year, according to Deloitte. Q1 Media hit the list at 69th spot. And One Source Networks ranked at 160.

Others on the list included Cirrus Logic at 266, Zenoss at 299, Asure Software at 459 and Starmount at 498.

The full list can be found at Fast500.com.

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