They love to buy, and it shows.
Miami-based Digerati Technologies, Inc. (OTC:DTGI) a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the business market, announced today that it has entered into a definitive agreement to acquire Nexogy, Inc., a leading provider of cloud communication and broadband solutions tailored for businesses, and also based in Miami.
Wednesday’s news release revealed that, on a trailing 12-month pro forma basis, the combination of T3 and Nexogy generated $12.7 million in annual revenue while the consolidation of telecommunications infrastructure and integration of cloud PBX platforms and back-office systems is expected to produce cost savings and EBITDA improvements. DTGI anticipates producing nearly 20% in operational EBITDA with synergies derived from the combined operation.
Digerati CEO Arthur Smith said, "The acquisition of Nexogy aligns perfectly with our strategic plan and meets the geographic, financial, and technological criteria of our disciplined M&A strategy.”
DTGI shares spiked a penny, or 10%, to 11 cents, on volume of 105,000
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