INX, Inc. (NASDAQ:INXI)
announced today that it has acquired the operations of AdvancedNetworX,
Inc., a Raleigh, North Carolina-based network consulting organization.
INX is continuing to execute on its growth strategy with the acquisition
of AdvancedNetworX, a Cisco Systems Silver Partner with Advanced
Certifications in Security and Unified Communications. AdvancedNetworX,
founded in September 2007, generated revenue of approximately $1.6
million for the 12 months ended June 30, 2009. The acquisition will
initially add twelve employees and will create a presence for INX in the
mid Atlantic region and will operate as INX’s North Carolina Operations.
Mark Hilz, President and COO of INX, commented, “INX is gaining a
strategic geography in the Raleigh area of North Carolina, along with a
very seasoned management team via this acquisition. While
AdvancedNetworX is a relatively early-stage organization today, Mark
Alexander, the CEO of AdvancedNetworX, and our new North Carolina
Regional Vice President, previously founded and built the largest Cisco
Gold Partner in that region. AdvancedNetworX has a strong customer base
that they have developed from a dedication to customer service and
engineering excellence. As part of INX, AdvancedNetworX will have the
ability to leverage INX’s strong balance sheet, managed services
offering, and national presence that has achieved the highest-level
certifications from industry leaders like Cisco Systems, VMware and
NetApp.”
Mark Alexander, CEO of AdvancedNetworX Inc., commented, “We are looking
forward to joining the INX team. INX is one of the leading national
companies in our industry, which will give us an immediate opportunity
to grow our offerings and provide our clients with services like data
center solution architecture and managed services.”
Mr. Alexander will join INX as Vice President of Regional Sales
Operations for the INX North Carolina Region.
Commenting on the transaction, James Long, INX’s Chairman & CEO said,
“The acquisition of AdvancedNetworX will provide an entry into an
important new market for INX. We are excited about the prospects for
this market and the experienced team of professionals who will be
joining the INX organization through this transaction.”
The acquisition closed on July 17, 2009, and was structured as an asset
purchase of the operations of AdvancedNetworX, Inc. The initial purchase
price paid at closing consisted of $385,000 in cash and 2,000 shares of
INX common stock.
