Commencing FCC Approval Process
SAN ANTONIO, Texas, June 17, 2020 (GLOBE NEWSWIRE) — Digerati Technologies, Inc. (OTCQB: DTGI) (“Digerati” or the “Company”), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business (“SMB”) market, is pleased to provide information on its fourth (4th) acquisition under Letter of Intent (“LOI”) and an update on the status of the acquisition. Digerati has completed initial due diligence on its 4th acquisition and is proceeding with the transaction by seeking FCC approval required for closing the transaction.
Based in Florida, Digerati’s 4th acquisition (the “Acquisition #4”) is a single-source provider of flexible and scalable UCaaS solutions serving the high-growth SMB market. As an established provider of cloud-based communications systems, Acquisition #4 currently serves nearly 400 business customers in various industries including Education, Health Care, Financial Services and Real Estate. Acquisition #4 has built a solid and profitable recurring revenue business (nearly $2 million annualized) with attractive gross margins of 71%+ while operating a global network with strategically positioned data centers in the USA and Europe. Acquisition #4 has differentiated itself by specializing in integration with CRM (Customer Relationship Management) systems. Acquisition #4’s robust cloud telephony platform integrates with all major CRM platforms leading to enhanced agent workflow and increased productivity for its users world-wide.
Arthur L. Smith, Chief Executive Officer of Digerati, commented, “Our fourth acquisition target aligns perfectly with our disciplined M&A strategy by meeting the related financial, geographic, and technological criteria. With its operation on an identical technology stack to that of our current operation, we anticipate that integration will be streamlined and result in accelerated cost savings. We look forward to progressing this transaction to a final closing, with it also being a strategic fit with our other planned Florida-based acquisition of Nexogy, Inc.”
About Digerati Technologies, Inc.
Digerati Technologies, Inc. (OTCQB: DTGI) is a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the business market. Through its subsidiary T3 Communications (www.T3com.com), the Company is meeting the global needs of businesses seeking simple, flexible, reliable, and cost-effective communication and network solutions, including cloud PBX, cloud mobile, Internet broadband, SD-WAN, SIP trunking, and customized VoIP services, all delivered on its carrier-grade network and Only in the Cloud™. For more information about Digerati Technologies, please visit www.digerati-inc.com.
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company’s periodic filings with the Securities and Exchange Commission.
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