Presidio, Inc. and INX Inc. announced today that they have entered into a definitive agreement, whereby Presidio will acquire all of the outstanding common stock of INX. The proposed transaction will create one of the largest national advanced IT solution providers. The post transaction company, which will carry the Presidio name, will employ over 1,800 IT professionals operating out of 45+ offices across the United States and will offer clients unparalleled access to world-class consulting, engineering & technical resources.
Presidio and INX both capitalized early on important market transitions to create leading Data Center and Cloud, Collaboration, Security and Network Infrastructure Architecture practices. Each company delivers a full suite of mature managed and hosted services offerings associated with those architectures. Both firms have created business models to deliver innovative, purpose-built solutions that address the entire technology lifecycle and drive business value. Additionally, both organizations are recognized as elite strategic partners by leading technology providers including Cisco, EMC, VMWare, NetApp and VCE.
"We are pleased to unite with such a well regarded and professional organization as INX. There is tremendous synergy between the two companies. Combining INX and Presidio's capabilities will enable us to offer one of the broadest portfolio of services and advanced IT solutions available in the industry", explained Kevin Penn, Presidio's Chairman. "Our two firms share similar values and a commitment to providing transformational technology solutions that enable superior business results. Both Presidio and INX clients will benefit greatly from this partnership. The similarity of the two cultures should lead to a very smooth transition."
The transaction is expected to close in early 2012, subject to the receipt of shareholder approval and other customary closing conditions. INX is a publicly traded stock on the NASDAQ exchange. Under the terms of the agreement, INX shareholders will receive $8.75 per share. INX's board of directors has approved the merger agreement and is recommending that INX shareholders adopt the agreement.
"We are extremely excited about becoming part of this combined organization", stated Mark Hilz, INX President and CEO, "Presidio and INX have been pursuing similar strategies in the IT solutions marketplace. Combining our organizations will enable us to accelerate our growth and quickly build the scale that we need to provide the highest quality of service to our clients. Simply put, this combination is a win for our clients, employees, and our shareholders."
Presidio has a history of merging great companies. Over the last seven years, Presidio has brought together regional leaders such as Ficomp, Networked Information Systems, Solarcom and Coleman Technologies to create one of the fastest growing, privately held companies in the technology industry.
