Platinum Equity's Matrix Telecom Completes Acquisition of Global Crossing's Small Business Group; Transaction Includes Long-term Carrier Services Agreement.
LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- Platinum Equity Platinum Equity is an American information technology and private equity firm. It was founded by billionaire Tom Gores in 1995 and is headquartered in Beverly Hills, California. announced today that its portfolio company Matrix Telecom, Inc. has completed the acquisition of Global Crossing's Small Business Group (SBG SBG Salzburg, Österreich (Salzburg, Austria)
SBG Sociedade Brasileira de Genética (Portugese)
SBG Südbadenbus GmbH (German)
SBG Student Body Government
SBG Server-Based Gaming ), which provides voice and data products to small- and medium-sized enterprise customers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. .
In addition, Global Crossing and Matrix announced they have executed a long-term carrier services agreement under which Global Crossing will provide a full suite of voice, data and IP services to Matrix and its customers. SBG's current product offering includes switched and dedicated voice services and data applications.
"The integration of Matrix and SBG is well underway and should be seamless for customers," said Rob Joubran, chief operating officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and treasurer for Platinum Equity. "These two businesses complement one another extremely well, and combining them enhances the capabilities of both. Our top priority during the integration process is to maintain excellent service for customers of both Matrix and SBG."
Global Crossing divested SBG after announcing it intended to de-emphasize certain non-core areas of its business, including the small- to medium-sized enterprise space. Platinum Equity, which often works with large corporations on non-core divestitures, identified the business as a strong complement to Matrix. A definitive agreement to sell SBG to Matrix was announced in March 2005.
"One of Platinum's core strengths is our ability to grow existing portfolio companies through strategic add-on acquisitions that expand their capabilities, and the SBG acquisition is a great example of that," said Matt Young, senior vice president for M&A at Platinum.
"We not only provided a divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). solution to Global Crossing, which viewed the business as non-core, but we strengthened both SBG and Matrix by bringing them together," Mr. Young said. "Moving forward, our M&A team will continue seeking additional acquisitions to further expand Matrix Telecom's small- and medium-sized enterprise customer base."
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O(R) firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores Tom Gores is a self made financier whose investment holdings include California leveraged buyout business Platinum Equity, where he is founder, chairman and chief executive officer. Through Platinum Equity, Mr. , Platinum Equity has acquired more than 50 businesses with more than $11 billion in aggregate revenue at time of acquisition.
About Matrix Telecom
Matrix Telecom(R), Inc., a Platinum Equity company, is a fully integrated, facilities-based telecommunications carrier providing premium quality voice and data services to a nationwide customer base. Headquartered in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation).
The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , Matrix Telecom offers a complete line of voice, data, and Voice over IP products servicing the residential and business markets. Matrix Telecom offers wholesale products direct to other carriers, as well as retail products distributed through resellers and agents. Matrix Telecom is committed to providing customized communication services that exceed customers' expectations for quality, value, and reliability. For more information, please visit the Matrix Telecom website at www.matrixvalue.com.