Tomahawk, WI 8/8/2011 (PennyPayDay) – Midas Medici Group Holdings (OTC:MMED), an innovative green IT company in the fields of virtualization, cloud computing and data management, as well as Smart Grid solutions, Friday announced, in a press release, that it has closed its acquisition of CIMCORP, a mid-sized and well respected integrator in Brazil's IT market. Midas will host a conference call to discuss the acquisition on Tuesday, August 9, 2011 at 10:00 am EDT. MMED is also under an e-mail promotion campaign initiated this morning by a third party investor.First announced in July, the acquisition of CIMCORP was closed in a part cash and part stock transaction. Midas acquired 60% of CIMCORP upon the initial closing, with the remaining 40% being purchased in two equal-sized tranches within the next 24 months. CIMCORP specializes in data center services with an emphasis on complex solutions that enable Brazilian companies to virtualize and implement cloud-based systems. The acquisition of CIMCORP, which has IT operations across Brazil's national territory, will allow Midas to significantly expand its current IT offerings into South America. Midas is expected to infuse green IT into the CIMCORP customer base with its Consonus and UtiliPoint brands' expertise, while also enjoying a boost to the consolidated company's revenue streams. CIMCORP has built strong relationships with both government and commercial clients over the years, resulting in over 200 employees and revenues in excess of $84 million in 2010.
"On behalf of our management and Board of Directors, I am pleased to announce the closing of Midas' acquisition of CIMCORP – truly a milestone event for our company," stated Nana Baffour, CEO and Co-Founder of Midas. "This year we have consummated several major acquisitions, including Consonus, WeatherWise and EHFC. However our latest acquisition with CIMCORP takes center stage as we propel our IT service offerings with exciting new international initiatives, while immediately doubling Midas' consolidated revenue generating capabilities. CIMCORP allows us to enter the fast-growing IT market in Brazil and Latin America as we look to leverage our new operations and develop new business prospects that wouldn't be possible as separate organizations."
"This major acquisition represents a giant leap towards our goal of transforming Midas into a truly international organization with sophisticated IT offerings and Smart Grid solutions in both the United States, and around the world," said Johnson Kachidza, President, CFO and Co-Founder of Midas. "A combination of Brazil's upcoming development due to the World Cup and Olympic transformations and CIMCORP's lucrative recurring revenue model are expected to result in double digit IT growth projections for Midas going forward."
Operating in Brazil since 1988, CIMCORP provides and manages a complete spectrum of IT infrastructure services and solutions to commercial and government markets. CIMCORP has 8 regional offices, 12 distributorships, 3 partner data centers, and an international subsidiary in Miami, FL.
Midas Medici Group is a green IT company that supplies mid-sized and select enterprises and institutions with leading-edge IT solutions in the fields of virtualization, cloud computing and data management, as well as working with utilities and other institutions to transform the electric grid through digital technologies.
PennyPayday Free Stock Quotes and Approach to the Stock Market
PennyPayday focuses on bringing penny stocks and small-cap companies from all exchanges into the spotlight for investors seeking early development opportunities. PennyPayday has quickly become a recognized penny stock site and a top source for investors seeking information and research on today's emerging hot stocks. PennyPayday provides the investing public with stock market daily news, free real-time stock quotes, free stock charts, research for investing, as well as economic stories, videos, and market briefs from a staff of experienced and dedicated financial journalists.
Sign up for our Free Newsletter today, and join the thousands already getting our emails on the hottest stocks to watch.
Disclaimer: Neither www.PennyPayday.com nor its officers, directors, partners, employees or anyone involved in the publication of this website or newsletters is a registered investment adviser or licensed broker-dealer in any jurisdiction whatsoever. PennyPayday may or may not have been compensated by mentioned companies. For full disclaimer/disclosure please read PennyPayday's disclaimer.
No comments:
Post a Comment