INX Inc., (NASDAQ: INXI) signs Definitive
Agreement with Presidio.
INX Inc. and Presidio 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 portfolios
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.
ABOUT INX
INX Inc. (NASDAQ: INXI) is a leading U.S. provider of IP based
unified communications and data center/cloud infrastructure
solutions for enterprise organizations. Through its suite of
technology offerings, INX provides organizations with advanced
architecture solutions that also focus on the enabling
infrastructure. Services are centered on the design, implementation
and support of network infrastructure, wireless, security, unified
communications, and cloud computing solutions incorporating both
data center and desktop virtualization. Customers include
enterprise organizations such as corporations, as well as federal,
state and local governmental agencies. Because of its focus,
expertise and experience, INX believes it delivers superior results
for its customers. Additional information about INX can be found on
the Web at www.INXI.com.
ABOUT PRESIDIO
Presidio is a leading provider of professional and managed
services for advanced IT solutions. Presidio addresses its clients’
complete information technology lifecycle – enabling clients to
plan, design, implement, test and operate their technology
investments. Presidio's comprehensive portfolio includes data
center/virtualization, unified communications/collaboration,
security, mobility and contact center technology solutions as well
as managed services. Holding the highest industry certifications
from partners such as Cisco, EMC, HP, IBM, NetApp, VMware and
Microsoft, Presidio is well-positioned to meet the growing needs of
organizations migrating to advanced technologies. Presidio also
offers clients an extensive suite of financing solutions, including
leasing. For more information visit: www.Presidio.com.
In connection with the proposed transaction, INX will file with
the Securities and Exchange Commission (SEC) a preliminary proxy
statement and mail a definitive proxy statement and other relevant
documents regarding the proposed transaction to INX’s stockholders.
INX’S STOCKHOLDERS ARE URGED TO READ, WHEN AVAILABLE, INX’S
PRELIMINARY PROXY STATEMENT AND DEFINITIVE PROXY STATEMENT IN
CONNECTION WITH INX’S SOLICITATION OF PROXIES FOR THE SPECIAL
MEETING TO BE HELD TO APPROVE THE PROPOSED TRANSACTION AND ANY
OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY
AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT INX AND THE PROPOSED
TRANSACTION. INX’s stockholders may obtain a free copy of these
documents, as well as other filings containing information about
INX, at the SEC’s website, www.sec.gov. INX’s stockholders will
also be able to obtain, without charge, a copy of the proxy
statement and any other relevant documents (when available) by
directing a request to: investor.relations@inxi.com
SAFE HARBOR STATEMENT:
The statements contained in this press release that are not
statements of historical fact, including, but not limited to,
statements identified by the use of terms such as "anticipate,"
"appear," "believe," "could," "estimate," "expect," "hope,"
"indicate," "intend," "likely," "may," "might," "plan,"
"potential," "project," "seek," "should," "will," "would," and
other variations or negative expressions of these terms, including
statements related to expected benefits from the announced
transaction are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 and involve a
number of risks and uncertainties. Such risks include failure to
satisfy the conditions of the proposed transaction, including
failure to obtain the required approvals of INX’s stockholders; the
costs and expenses associated with the proposed transaction;
contractual restrictions on the conduct of INX’s business included
in the merger agreement; the potential loss of key personnel,
disruption of INX’s business or any impact on INX’s relationships
with third parties as a result of the proposed transaction; any
delay in consummating the proposed transaction or the failure to
consummate the proposed transaction; and the outcome of, or
expenses associated with, any litigation which may arise in
connection with the proposed transaction. Additional information
about risk factors are contained in INX’s most recent filings with
the SEC on Forms 10-K and 10-Q. The actual results of the future
events described in the forward-looking statements in this document
could differ materially from those stated in the forward-looking
statements due to numerous factors. INX expressly disclaims any
obligation or undertaking to update or revise any forward-looking
statement contained herein to reflect any change in the INX
expectations with regard thereto or any change in events,
conditions or circumstances upon which any statement is based.
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