Integration Partners, a provider of Unified Communications (UC) and Data Solutions, has completed the divestment of its New York business unit (IPC (News - Alert)-NY) to InterCloud Systems.
On December 13, Integration Partners signed a definitive agreement with InterCloud Systems in which InterCloud agreed to buy the NY business and $11,625,000 convertible debenture financing. InterCloud provides end-to end IT and telecom solutions to the service provider and corporate enterprise markets through cloud platforms and professional services.
The acquisition will help InterCloud distribute the company’s cloud platform to its new and existing customers.
The NY business of Integration Partners primarily addressed Enterprise and Service Provider customers. The unit has shown tremendous growth over the last five years.
IPC-NY is expected to have 2013 gross revenues of approximately $25 million and 2013 net income of approximately $3.5 million.
"Integration Partners has evolved rapidly over the past 24-36 months, and has taken actions to manage its business expansion. The sale of this NY business unit is a step towards realignment and will allow Integration Partners to concentrate on new initiatives to support our continued growth vision," said Bart Graf, co-founder and principal of Integration Partners.
The company will continue to focus on large enterprises, state and local governments. It will also expand to service provider customers. In addition to these, Integration partners will continue to focus its efforts on the Northeast and Midwest markets and provide their full portfolio of services, solution offerings including Unified Communications (News - Alert), Data Networking, and Managed Services.
InterCloud Systems offers value-added services for both corporate enterprises and service providers. The company offers cloud and managed services, professional consulting services and voice, data and optical solutions to assist its customers in meeting their changing technology demands.
In November, InterCloud Systems announced that its Professional Services Group was awarded over $2.5 million in new professional services contracts, from new and existing clients. These contracts demonstrate the company’s major network expansion currently underway globally, company officials said.
Edited by Cassandra Tucker