Dec 19, 2002 : Interland to Acquire Hostcentric

📅 December 19, 2002 - Business-class hosting leader Interland Inc. (Interland.com ) announced on Thursday that it has acquired web hosting firm Hostcentric for $25.8 million in cash and stock.

Hostcentric shareholders, says Interland, will receive $3 million in cash and approximately 13.5 million shares of Interland stock in exchange for all the outstanding shares of Hostcentric. The transaction is expected to close by March 2003, pending the approval of a majority of Hostcentric's shareholders.
"Our scale and integration expertise will enable us to rapidly reap the full financial benefits of this transaction, ensuring a good return on investment for our shareholders," says Joel J. Kocher, Interland chief executive officer. "Hostcentric is a professionally managed organization, generating healthy levels of cash flows that will be immediately accretive once we close. Without additional delays to our previously announced centralization timetable, we will enhance Hostcentric's financial contribution to Interland when the integration is completed this summer. We expect this transaction to be significantly accretive, resulting in upwards of $4 million in annual recurring cash flows."
Interland says the acquisition will enhance the company's scale and widen its lead in the small-business Web hosting market with the addition of tens of thousands of shared Web sites, hundreds of dedicated servers and more than 1,000 reseller channel partners. The combined customer base, says Interland, will have access to the continued availability of Hostcentric services not currently offered by Interland.
"Joining forces with Interland is a great move for Hostcentric's customers, shareholders and employees," said Hostcentric CEO Greg McKown. "We are very excited by the opportunity to join the market leader and benefit from the long-term opportunities derived from Interland's financial strength."

Reads: 1902 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/new121902.cfm

Company: Interland

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