St. Louis-based Savvis Inc., a cloud computing infrastructure company, said Tuesday it has agreed to acquire private Canadian IT services provider Fusepoint Inc. in a cash deal worth $124.5-million.
Toronto-based Fusepoint operates three data centres in Toronto, Vancouver and Montreal and recently reported annualized revenues of $47.4-million in its first quarter.
In 2009, Fusepoint generated $41.7-million in revenue.
Fusepoint is a portfolio company of M/C Venture Partners, a venture capital firm.
Jim Ousley, chief executive with Savvis, said the Fusepoint purchase will expand the company’s footprint into an important market.
“Our largest customers have been asking us to expand into Canada, and the acquisition of Fusepoint allows us to do so in a seamless and efficient manner,” he said in a release.
Cloud computing involves users sharing resources including software and information through the Internet.
Read more: http://www.financialpost.com/news-sectors/story.html?id=3097693#ixzz0pcjKbc4k
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