Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - INX Inc | inx_8k-010510.htm |
| EX-10.1 - ASSET PURCHASE AGREEMENT - INX Inc | ex10-1.htm |
Exhibit
99.1
PRESS
RELEASE
INX
Expands Northern California Presence and Adds Cisco Physical Security
Capabilities; Acquires Marketware Inc., a Sacramento-based provider of Cisco
IP-Network-Based Physical Security and Networking Solutions
HOUSTON--(BUSINESS
WIRE)--INX, Inc. (NASDAQ: INXI) announced today that it has acquired the
operations of Marketware Inc., (“Marketware”) a Sacramento, CA based network
consulting organization.
Marketware
Inc., founded in 1982 as a provider of IT solutions to enterprise organizations,
has evolved into a highly specialized IP networking technology solutions
provider to both the public and private sector. The company, a Cisco Physical
Security Advanced Technology Partner, was an early entrant in the IP-based
physical security market and has a focus and depth of experience in
architecting, deploying and supporting security solutions such as IP-based
cameras, physical access systems and associated applications. The company
currently has 10 employees. The current management of Marketware will continue
to operate the acquired Marketware operations as part of INX’s expanded Northern
California operations.
Mark
Hilz, President and COO of INX, commented, “With this acquisition we are
expanding our presence in Northern California and also adding substantial
experience in the rapidly growing area of IP network-based physical security
systems.”
Richard
Reese, President of Marketware Inc., commented, “We are looking forward to being
part of the INX team. INX’s national presence as well as the expanded set of
solutions focused around the datacenter will provide our team with compelling
additional capabilities for our client base.” Mr. Reece will join INX
as Regional Vice President of Northern California Sales Operations for the INX
Northern California Region.
Commenting
on the transaction, James Long, INX’s Chairman & CEO said, “The acquisition
of Marketware will provide the Marketware team with access to capital and other
resources that should help create additional growth opportunities. As part of
INX, Marketware personnel will have the ability to leverage INX’s strong balance
sheet, accredited managed service offering, as well as a national presence
organization that has achieved the highest-level certifications from industry
leaders like Cisco Systems, VMware and NetApp.”
The
acquisition closed on December 31, 2009, and was structured as an asset purchase
of the operations of
Marketware. The Marketware operations generated revenue of approximately $6
million for the 12 months ended 11/30/09. The initial purchase price paid at
closing consisted of $350,000 cash. Additional contingent purchase consideration
will be paid after each of the first and second anniversaries of the closing of
the transaction, each of which will be based on the achievement of certain
performance targets for operating income contribution from the acquired
operations during each of the first two years following the
transaction.
About
INX Inc.:
INX Inc.
(NASDAQ:INXI)
is a leading U.S. provider of IP communications and data center solutions for
enterprise organizations. We offer a suite of advanced technology solutions
focused around the entire life-cycle of enterprise IP network communications and
data center infrastructure. Our services are centered on the design,
implementation and support of network infrastructure, including routing and
switching, wireless, security, unified communications, and data center solutions
such as storage and server virtualization. Our customers include enterprise
organizations such as corporations, as well as federal, state and local
governmental agencies. Because of our focus, expertise and experience
implementing and supporting advanced technology solutions for enterprises, we
believe we are well positioned to deliver superior solutions and services to our
customers. Additional information about INX can be found on the Web at www.inxi.com.
Safe
Harbor Statement:
The
statements contained in this document that are not statements of historical
fact, including, but not limited to, statements identified by the use of terms
such as "anticipate," "appear," "believe," "could," "estimate," "expect,"
"hope," "indicate," "intend," "likely," "may," "might," "plan," "potential,"
"project," "seek," "should," "will," "would," and other variations or negative
expressions of these terms, including statements related to expected benefits
from the announced acquisition transaction. All such statements are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 and involve a number of risks and uncertainties.
The actual results of the future events described in the forward-looking
statements in this document could differ materially from those stated in the
forward-looking statements due to numerous factors. Recipients of this document
are cautioned to consider these risks and uncertainties and to not place undue
reliance on these forward-looking statements. The company expressly disclaims
any obligation or undertaking to update or revise any forward-looking statement
contained herein to reflect any change in the company's expectations with regard
thereto or any change in events, conditions or circumstances upon which any
statement is based.
Contact:
INX
Inc.
Chief
Financial Officer
Brian
Fontana, 713-795-2000
Brian.Fontana@inxi.com