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Internap (NASDAQ:INAP) has announced it has completed the acquisition of SingleHop LLP for $132 million in cash. As quoted in the press release: The transaction was funded with an incremental term loan and cash from the balance sheet. As part of the financing, INAP obtained an amendment to its credit agreement to allow for the …
Internap (NASDAQ:INAP) has announced it has completed the acquisition of SingleHop LLP for $132 million in cash.
As quoted in the press release:
The transaction was funded with an incremental term loan and cash from the balance sheet. As part of the financing, INAP obtained an amendment to its credit agreement to allow for the incremental term loan and to provide further operational flexibility under the covenants. The Company has no immediate plans to raise additional capital.
The planning and implementation for the integration of SingleHop into INAP is in progress. The innovative platform will strengthen INAP’s current capabilities in managed hosting and services and expand the addressable market for SingleHop’s services across INAP’s global data center footprint.
Peter D. Aquino, President and CEO of INAP, stated, “We are pleased with the speed of this strategic deal from signing to close enabling us to provide our combined customers the full suite of INAP and SingleHop services and capabilities. INAP’s decision to buy versus build these advanced capabilities affords us both SingleHop’s expertise and a great growth catalyst for 2018. We are excited to welcome SingleHop’s talented employees to our team as part of our vision to expand and build INAP’s value proposition and power to generate sustainable growth.”