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.
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.
Press Contact for Presidio: John DeSarbo Senior
Vice President, Marketing 301-313-2084 jdesarbo@Presidio.com
Press Contact for INX Mike French Senior Vice President,
Marketing 505-938-4140 mfrench@inxi.com
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