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Momentum Acquires IT Web Hosting Division of BroadSpire |
| (MARKET WIRE via COMTEX) -Momentum Advanced Solutions Inc. , a leader in IT hosting and managed website services, announced today the acquisition of the IT hosting division of BroadSpire Inc. located in Los Angeles, California.
Momentum purchased the business for $2.66M USD before transaction costs with $1.70M USD satisfied by way of cash on closing and the balance by way of a note payable over 24 months, with payments beginning 6 months after the closing date. The addition is expected to add approximately $1.50M to Momentum’s current managed services revenues.
“Momentum has a 25 year history and a leadership position in large scale, enterprise level managed hosting,” stated Phil DeLeon, President of Momentum. “Over the past year, we also added services directed at small and medium sized businesses. We believe that our broad experience will ensure a seamless transition for customers who will now benefit from our expanded service offerings.”
For 25 years Momentum has managed the IT infrastructure for some of the world s largest companies. Momentum possesses SAS70 certification, four Microsoft Gold certifications, three data center locations and over 150 experts, delivering Obsessive Support.
“Pure-play hosting represented only a portion of BroadSpire’s overall business but consisted of some very strong customer relationships,” said Steve Huot, President of BroadSpire. “We are pleased to have found these customers the ideal home with a strong, focused organization that places an extremely high value on service. We were approached by many firms that were interested in this transaction, but selected Momentum because we felt they could ensure continuity in the quality of service that our customers have come to expect and bridge the gap to serve large and small customers alike,” concluded Mr. Huot.
Since its inception in 1997, BroadSpire has offered web hosting as a component of a broader portfolio of services. BroadSpire’s success pioneering a service it calls Web ecosystem marketing hastened the company’s desire to divest certain assets that were no longer core.
About Momentum Advanced Solutions Inc.
Momentum is a leader in IT hosting and managed website services. Its solutions provide customers with the innovation, integration, and operational expertise needed to reduce costs and/or improve productivity by outsourcing their mission critical, web-based applications and infrastructure to Momentum. Headquartered in Markham, Ontario, Momentum has offices in Ottawa, Windsor, and Toronto. Momentum Advanced Solutions is publicly traded on the Toronto Stock Exchange and trades under the symbol WWW.
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