Otelco Acquires Maine-Based Cloud Provider Reliable Networks
Monday, January 6, 2014 at 9:00AM
Deborah Rand in Deal Advisor, Deals - Cloud, Deals - Managed Services, Deals: Cloud, ILEC Advisor, In Search of Success, Managed Services, Otelco:OTT, Reliable Networks, The Deal Monitor, The RLEC Monitor
Otelco Grows Maine Offerings with IP Services Acquisition
January 6, 2014, Otelco announced that it has acquired Portland, Maine-based Reliable Networks, a provider of cloud hosting and managed services.
Otelco paid $500,000 at the closing of the acquisition. The balance of the purchase price will be paid in stock over the next three years, contingent on Reliable Networks achieving certain financial objectives. The acquisition will provide Otelco with additional managed service capabilities that will supplement the growth of existing IP services while expanding its current market presence. Reliable Networks will operate as a division of OTT Communications, Otelco’s New England competitive operating entity.
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Article originally appeared on JSI Capital Advisors (http://jsicapitaladvisors.com/).
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