NEW YORK (TheStreet) -- InterCloud Systems (ICLD) popped 6.67% to $7.84 at 10:44 a.m. on Monday after the company announced its upcoming acquisition of cloud solutions company VaultLogix. The financial terms of the agreement were not disclosed.
VaultLogix has more than $12 million in annual recurring revenue and EBITDA of approximately $4.5 million. The company provides hybrid cloud backup services to nearly 10,000 businesses worldwide.
"The acquisition of VaultLogix continues to strengthen InterCloud's position within the rapidly growing cloud-based services market," said InterCloud CEO Mark Munro in a statement. 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."