Jens Montanana
Photo by: Duane Daws
JSE-listed information and communication technology group Datatec’s Westcon subsidiary has acquired US-based cloud services business Verecloud for $12-million.
Verecloud, which was established in 2006, is the developer of an advanced channel distribution platform for cloud and services solutions that acted as a brokerage, providing businesses with complete access and control of all their cloud applications from one portal.
“Verecloud enables Westcon to bring powerful channel-optimised cloud solutions and services distribution capabilities to the market. Over the past 18 months, they have co-developed a truly differentiated cloud go-to-market capability,” said Datatec CEO Jens Montanana in a statement.
Westcon would integrate the new acquisition into its cloud solutions practice and form the foundation for its cloud go-to-market solution to help resellers boost revenue from cloud-enabled services.
Datatec would settle the transaction by way of share issues in three tranches.
The first tranche comprised the allotment of nearly two-million ordinary shares, which would be effective on September 12, with the second and third tranches dependent on a number of conditions and only payable one and two years after the transaction date, respectively.