Atlanta-based Axiologix, a provider of IP voice, data and cloud-based products and services to small and medium-size companies, has signed a deal to purchase a majority of iTeknik Holding Corp.’s outstanding shares.
Commerce, Mich.-based iTeknik provides wholesale and retail telecommunications services and products through its Send Global subsidiary.
Axiologix will acquire a 55.6 percent controlling interest in iTeknik with a cash payment of $975,000 and deferred payments of $800,000 over 18 months to be paid to the current majority shareholders.
Axiologix said the deal will provide it with nearly $11 million in additional annual revenues, doubling its revenue to more than $22 million.
Axiologix has been growing through acquisitions. The company signed a $5 million revolving credit facility with TCA Global Credit Master Fund last September to fund deals.
Chief Executive Officer Vincent Browne, in announcing Thursday’s agreement, said the iTeknik deal complements the company’s acquisition last year of San Francisco-based iWorld Services, a provider of VoIP services, products, and advanced web applications and software tools.
Last June, Axiologix acquired Los Angeles-based Velocity Networks Inc., an IP voice and data provider.
iTeknik and its operating companies will become subsidiaries of Axiologix.
About the Author
