|Acquiring Company:||ITC Global Inc View Profile Charts Homepage|
|Target Company:||Spidersat Communications Ltd View Profile Add Homepage Google Search|
|Announced:||Aug 30, 2012|
ITC Global Inc., a St. Petersburg, Fla.-based portfolio company of Riverside Partners, has agreed to acquire Spidersat Communications Ltd.
No financial terms were disclosed for the deal, which is expected to close within the next months.
ST. PETERSBURG, FLA., AUG. 29, 2012 — /PRNewswire/ -- ITC Global, Inc. ("ITC Global" or
the "Company"), a leading global provider of enterprise grade satellite communication services to
mining, energy and maritime businesses, announced today that it has entered into a definitive
agreement to acquire privately-held Spidersat Communications Limited ("Spidersat"), a leading
integrator of global communications solutions focused on providing mission critical satellite-based
communication services for mining, exploration, and mining services companies operating in Africa.
The combined companies will provide the most seamless coverage, service, and local support
available in Africa for mining and mining-related customers. The transaction is expected to close
in the next 30 days.
"Spidersat is an outstanding addition to our business," said Joseph Spytek, co-founder and Chief Executive Officer of ITC Global. "Spidersat will advance ITC Global's position in Africa, and offers us a highly complementary suite of services and resources for enterprise clients throughout Africa. We are happy to have the Spidersat team join the ITC Global family, and together we will continue to provide premier, custom communications solutions to the mining and oil and gas industries across Africa. The acquisition of Spidersat comes just months after a significant investment in the Company by Riverside Partners, a Boston-based private equity firm, and is part of our global growth strategy. Since the investment by Riverside Partners in January 2012, we have expanded our mining and energy businesses into Canada and the UK as well as entered into a long-term strategic partnership in the maritime business with Imtech Marine."
"We are proud to be aligned with ITC Global," said Mike Hennessey, Managing Director of Spidersat. "Our key markets such as Burkina Faso, Liberia and the DRC will be highly additive to ITC Global's already strong Africa footprint, and our local approach to satellite communications will be strengthened under the ITC Global umbrella. I have great respect for Joe and his Worldwide team, and we are excited to be part of the next stage of growth."
Spidersat is a leading corporate communications provider in Africa, and provides custom networks and bandwidth access to enterprise customers throughout Africa. Spidersat is headquartered in Tanzania and has additional offices, accredited engineering, and support personnel in Ghana and Western Australia. Spidersat offers a broad range of services on the African continent, including fixed VSAT solutions and mobile satellite solutions, and has many years of experience of deploying reliable communication solutions within some of the most remote areas of Africa.
ITC Global's announcement of its intent to acquire Spidersat follows the recent completion of its acquisition of the remaining interest in ITC Guinee SARL, bringing ITC Global's ownership to 100% of ITC Guinee SARL. ITC Global is highly committed to Africa, and continues to strengthen its position as the leading satellite communications provider with unparalleled local presence to serve the mining and broader resources industries throughout Africa.
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|Aug 30 '12|