Business
Digerati Technologies to Acquire T3 Communications, Inc.
Digerati Technologies to Acquire T3 Communications, Inc..
About this update from Digerati Technologies, Inc.
[{"type":"text","content":"\n \n \n Digerati Technologies to Acquire T3 Communications, Inc.\n \n \nDigerati Technologies to Acquire T3 Communications, Inc.\n \n SAN ANTONIO, TX--(Marketwired - May 9, 2017) - Digerati Technologies, Inc. (OTCQB: DTGI) (\"Digerati\" or the \"Company\") announced today that the Company has entered into a definitive agreement to acquire T3 Communications, Inc. (\"T3\"), a leading provider of cloud communication and broadband solutions in Southwest Florida. \n Based in Fort Myers, T3 is Southwest Florida's local provider of quality communication services and solutions that maintains a 99% customer satisfaction rating. As an established provider, T3 has been exceeding the needs of a growing business community, enabling its customers to communicate and compete in the global market. T3's robust offering of communication solutions is backed by cutting-edge technology, superior reliability and unrivaled support. For more information on T3, please visit www.t3com.com. \n The business combination of Digerati's wholly-owned subsidiary, Shift8 Networks, Inc. (\"Shift8\") and T3 brings together two emerging cloud communication providers serving a broad range of customers in various industries including banking, healthcare, financial services, legal, real estate, staffing and government. The transaction will result in a profitable cloud telephony operator serving over 10,000 business users in Texas and Florida generating nearly $6 million in annual revenue. Digerati will consolidate 100% of the revenues and profits derived from this transaction due to its ownership structure of the combined entities. Synergies will be derived from the sharing of best practices, including Shift8's adoption of T3's direct sales model in Texas and T3's adoption of Shift8's channel sales model in Florida. Anticipated cost synergies include consolidation of telecommunications infrastructure, and integration of cloud PBX platforms and back-office systems. \n Arthur L. Smith, CEO of Digerati, commented, \"T3 Communications aligned perfectly with our strategic plan and acquisition criteria for revenue, profitability, and superior customer service with what we call 'local touch.' During the due diligence phase, we were most impressed with the T3 Team and its culture of genuine care for customers. You can't build a profitable company with T3's reput...