GX Networks buys former Telenor companies
- Added:
- Jul 21, 2003
The AIM-listed company, formerly known as Zipcom, has acquired XTML Limited and Compulink Information eXchange (CIX) Limited for a total of £1m that will be paid entirely in shares, to be issued by the end of August.
XTML provides hosting services to the UK's public and private sectors, including local government and large multi-sited corporates, while CIX offers a range of connectivity packages, spanning ADSL, leased lines, dial-up and conferencing services.
The two companies generated about £11m during 2002, as part of the bigger Telenor group, which did not report a profit. Combined net assets were recently valued at about £1m, equivalent to GX's offer.
GX said the deal will allow it to provide customers with a greater choice of hosting locations, new services and increased coverage.
GX vice chairman Peter Dubens said: "In June we stated that our strategy was to monitor
acquisition opportunities and this marks the start of a structured programme to grow GX Networks significantly over the next year."
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