|By Jeremy Geelan||
|February 2, 2011 07:30 AM EST||
"We look forward to powering Time Warner Cable’s development of innovative managed and cloud services for its commercial customers," said R. Brooks Borcherding, President and CEO of NaviSite, as it was announced that Cloud Expo 2010 Sponsor & Exhibitor NaviSite had been acquired by Time Warner Cable for $230 million.
"Our valued customers can rest assured knowing that NaviSite and Time Warner Cable are committed to helping them grow their businesses and to delivering the reliability, innovation, and customer service they have come to expect," Borcherding continued, adding:
"On behalf of all the employees of NaviSite, we are delighted to join the Time Warner Cable family,"
The NaviSite booth was a prominent feature at Cloud Expo 2010 New York
It is only last week that another major network operator, Verizon, agreed to acquire Terremark for $1.4 billion.
"NaviSite provides us with a successful managed services business and a new, innovative managed cloud platform representing significant new growth opportunities,” said Glenn Britt, Chairman and CEO of Time Warner Cable. He added:
“We expect to build upon NaviSite’s successful enterprise-class offerings, and their operational capabilities, infrastructure and expertise to more rapidly create a robust managed services offering for small and medium sized businesses."
Britt noted that transaction is consistent with Time Warner Cable's capital allocation strategy – selectively investing in its business to accelerate growth while continuing to return capital to its shareholders.
NaviSite has 1,200 customers in its 10 data centers in the United States and the United Kingdom, and additionally has network operations centers in Andover, Massachusetts, and Gurgaon, India.
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