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GTT Communications has successfully completed the sale of its infrastructure division to I Squared Capital, marking a strategic pivot away from infrastructure ownership. This sale encompasses a pan-European, North American, and subsea fiber network along with associated data center assets. CEO Ernie Ortega highlighted the company’s intention to focus on cloud networking and managed solutions, including SD-WAN and security services, to better meet the needs of multinational clients. This transaction is expected to shape GTT's future and operational focus.
GTT Communications has launched the Secure Co-Manage feature on its EtherVision portal, enhancing network visibility and self-service capabilities for customers. This feature allows real-time changes to network configurations and firewall policies, improving security management. Customers can monitor network threats, performance metrics, and make adjustments without the need for provider involvement. This development aligns with GTT's commitment to evolving self-service offerings to meet the demands of a dynamic threat landscape.
GTT Communications, a leading global cloud networking provider, announced the appointments of Dave Salustri as Division President, Americas, and Tom Homer as Division President, Europe. Salustri previously served as Senior Vice President of Enterprise Sales, while Homer led GTT’s Europe sales operations. Their focus will be on expanding services to current clients and acquiring new customers, aligning with GTT's customer-first strategy. These roles will enhance GTT's operational excellence in the cloud networking sector.
GTT Communications (NYSE: GTT) has partnered with Charter Schools USA (CSUSA) and 10jin Solutions to implement software-defined wide area networking (SD-WAN) across 86 school sites. This initiative aims to enhance network reliability and security for in-class and remote learning amidst increasing demands due to the pandemic. GTT's SD-WAN solution will provide greater network agility and optimized application performance, along with E-Rate expertise to help maximize subsidized benefits for schools. The rollout signifies a substantial upgrade in GTT's service offerings to educational institutions nationwide.
GTT Communications, a leading global cloud networking provider, announced that Performive, a managed multi-cloud provider, has chosen GTT's DDoS Mitigation Service to bolster its network security against DDoS attacks. GTT's proactive service utilizes Corero Network Security technology to detect and filter out malicious traffic in real-time. With DDoS attacks increasing by 50% in 2020, costing the U.S. approximately $10 billion annually, this partnership aims to ensure data protection and operational continuity for Performive. GTT continues to prioritize robust network security for its clients.
GTT Communications, a global cloud networking provider, announced a commitment letter from lenders for a new $275 million delayed-draw term loan facility. This funding aims to support GTT's business plan and facilitate the sale of its infrastructure division to I Squared Capital in 2021. Interim CEO Ernie Ortega acknowledged the lenders' support. Additionally, GTT disclosed that its previously issued financial statements from 2017 to early 2020 should no longer be relied upon, as ongoing accounting issues are being reviewed. Restated financials are expected soon.
GTT Communications (NYSE: GTT) announced the resignation of Chief Financial Officer Steven Berns, who will remain available until January 31, 2021, to assist with the transition. Donna Granato, previously Senior Vice President of Finance, has been appointed interim CFO. Interim CEO Ernie Ortega expressed gratitude for Berns' contributions during a critical phase for the company. Granato's leadership is expected to facilitate ongoing negotiations for the sale of GTT’s infrastructure division to I Squared Capital and support liquidity financing efforts.
GTT Communications (NYSE: GTT) has signed a definitive purchase agreement to sell its infrastructure division to I Squared Capital for $2.15 billion. The sale encompasses GTT's fiber network and data center services across Europe and North America. GTT aims to refocus on its cloud networking services, promoting a capex light business model. The deal is expected to close in the first half of 2021, pending regulatory approvals. This transaction leverages GTT's network assets, including over 103,000 route kilometers of fiber and numerous data centers.
GTT Communications, a global cloud networking provider, received a notice from the NYSE for not filing its Quarterly Report on Form 10-Q for the quarter ending June 30, 2020. This non-compliance does not immediately affect the stock’s listing. GTT can regain compliance by submitting the report before February 17, 2021, with possible extensions. The company is undergoing a review related to its financial reporting and internal controls, delaying the Form 10-Q filing without clear predictability on timing or outcome.
GTT Communications (NYSE: GTT) has appointed Ernie Ortega as interim CEO while the Board searches for a permanent leader. Don MacNeil has been named Chief Operating Officer, overseeing network operations and product management. Ortega, who joined GTT in June 2019, has a strong track record in revenue growth. MacNeil brings extensive experience from previous leadership roles at FiberLight and XO Communications, further enhancing GTT's operational capabilities and focus on client experience.
