Verecloud, Inc. (VCLD)

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VERECOULD (VCLD) SOLD FOR $12M; BOOOOOOOOOOMMMM

Datatec Subsidiary Acquires Assets Of Verecloud For USD12 Million
LONDON (Alliance News) - Datatec Ltd said Thursday that its subsidiary, Westcon Group, has ...
Alliance News 4 September, 2014 | 8:54AM Email Form
LONDON (Alliance News) - Datatec Ltd said Thursday that its subsidiary, Westcon Group, has acquired the assets of US-based Verecloud Inc in a USD12 million deal.
The international information and communications technology group said Westcon has acquired the assets of Verecloud, a developer of a channel distribution platform for cloud and services solutions, in a consideration that will be settled in three tranches.
The first tranche consists of the allotment of 1,998,831 ordinary ZAR 0.01 shares. The second and third tranches are dependent on a number of conditions and will become payable one and two years after the transaction date, respectively, said the company.
Following completion of the acquisition, the Verecloud platform will be incorporated into Westcon's 'cloud solutions practice' and form the foundation for its cloud go-to-market solution which is designed to help resellers drive significant revenue from cloud-enabled services.
"Verecloud enables Westcon to bring powerful channel-optimized cloud solutions and services distribution capabilities to the market. Over the past 18 months, they have co-developed a truly differentiated cloud go-to-market capability. They are well positioned to leverage the potential that cloud has for technology vendors, and for resellers to broaden their service solutions," said Datatec CEO Jens Montanana.
Verecloud's cloud services platform aggregates cloud solutions and services and acts as a brokerage providing businesses with complete access and control of all their cloud applications from one portal.
Shares in Datatec were Thursday morning trading 0.98% higher at 307.98 pence per share.
By Alice Attwood; [e-mail]; @AliceAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
- See more at: http://www.morningstar.co.uk/uk/news/AN_1409817298492729200/datatec-subsidiary-acquires-assets-of-verecloud-for-usd12-million.aspx#sthash.8JnC2IGc.dpuf