Wall Street PR

Global Telecom & Technology Rises After $28.8M Financing

Global Telecom & Technology (OTC: GTLT) rose 11.9% today, continuing to outperform the over-the-counter market with its growth rate.

Global Telecom & Technology finished the session at $2.35 or 11.9% higher than yesterday’s closing price. The stock opened today’s session with a share price of $2.15, and after a day’s trading, Global Telecom & Technology peaked with its closing price. Market cap spiked along with the price to a total of $64,360,000.

Rallying from an all-year low of just $1.12 per share in January 2012, its market cap has increased substantially over the past few months. Just yesterday, Global Telecom & Technology announced its closing of a $28.8 million syndicated financing:

Global Telecom & Technology (GTLT) is an international network integrator offering a portfolio of dedicated Internet access, Wide-Area Network (WAN) and managed data services. The company has worked with several technologies and networks, including MPLS, traditional OC-x and Ethernet, to bring solutions intended for a variety of customer needs. Global Telecom & Technology develops its customer performance through the use of its customer management database, while offering clients an incorporated support structure for all their services. The company has a project management team to provide solutions and a 24/7 worldwide operations support team.

In December 16, 2009, Global Telecom & Technology bought privately-owned WBS Connect, TEK Channel Consulting, L.L.C., WBS Connect Europe Ltd and LLC. In June 2011, the corporation bought Packet Exchange, and in May 2012, it purchased Layer Communications.

On June 6, 2011, GTLT bought Packetexchange at a price of over $18 million. The acquired company generated about $20,000,000 of revenue, but there was no EBITDA. However, GTLT had already achieved $4,000,000 to $5,000,000 of annualized synergies by the end of 2011 (hence, it cost them 3.6x-4.5x EBITDA).

The Company’s worldwide businesses comprise two parts: global engineering and network functions and global customer functions. Customer functions consist of the growth of its customer management database system and project management. Global project administration guarantees the execution of customer services following a sale. Engineering and Network operations comprise Information and Communications Technology and Engineering and Global Network Operations Center. The network operations center obtains, prioritizes paths and determines network failures or other client requirements, as well as the testing and provisioning of services. Engineering offers support to the Network Operations Center and sales and marketing team, and handles all-provisioning for Global Telecom & Technology Network Services. With its diligent staff, the company looks forward to receiving increased revenues in the future.

Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.