RED BANK, N.J., March 24, 2014 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (Nasdaq:ICLD) ("InterCloud" or the "Company") announced today that it has entered into a Definitive Agreement (the "Agreement") to acquire cloud solutions company, VaultLogix, LLC. VaultLogix has over $12 million in annual recurring revenue with EBITDA at approximately $4.5 Million.
VaultLogix is a leading provider of hybrid cloud backup services to nearly 10,000 businesses around the world. Their customers benefit from a combination of unique product features, 24x7 customer support and regulatory compliance assistance for the protection of critical business data.
Protecting servers, laptops and PC's, VaultLogix safeguards a wide range of enterprise-class operating systems and applications through its unique combination of encryption, block-level data duplication and compression. In addition, VaultLogix's industry leading partner program offers software branding, a robust partner portal, dedicated account management and integration with 13 of the premier RMM and PSA companies.VaultLogix maintains annual SOC2 Type 2 review of its infrastructure, processes and controls and is GSA certified. Tim Hannibal, CEO of VaultLogix stated: "Our entire team is very excited about joining InterCloud. We look forward to both selling the VaultLogix services to the impressive InterCloud clientele as well as cross-selling the portfolio of InterCloud services to our existing team of resellers and customers". Tim Hannibal added: "As the managed services industry evolves, customers are looking toward a single vendor for multiple cloud services. InterCloud's wide range of cloud services such as IaaS, Virtual Desktop, Hosted Exchange, Disaster Recovery in the cloud and file sharing are highly complementary to the VaultLogix cloud backup service." "The acquisition of VaultLogix continues to strengthen InterCloud's position within the rapidly growing cloud-based services market. VaultLogix has its own intellectual property and will integrate seamlessly with our own cloud platform. In addition it brings InterCloud over 500 channel partners, which will catapult our growing channel sales efforts. We will continue to broaden our cloud portfolio and differentiate ourselves from our competitors," said Mark Munro, CEO of InterCloud Systems.
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