Midas Medici Group Holdings has acquired Brazillian IT integrator CIMCORP.
Midas Medici Group is a green IT company in the fields of virtualisation, cloud computing and data management, as well as smart grid offerings.
The acquisition was closed in a part cash and part stock transaction.
Midas acquired 60% of CIMCORP upon the initial closing, with the remaining 40% being purchased in two equal-sized tranches within the next 24 months.
With its Consonus and UtiliPoint brands, Midas optimises IT and data centre investments, cutting energy usage and preventing data loss for customers.
CIMCORP, operating in Brazil since 1988, offers data centre services that enable Brazilian companies to virtualise and implement cloud-based systems and reported revenues of about $84m in 2010.
CIMCORP has 8 regional offices, 12 distributorships, 3 partner data centers, and an international subsidiary in Miami, Florida.
Midas notes the acquisition of CIMCORP will allow it to expand its current IT offerings and Smart Grid offerings into South America, and enter the fast-growing IT market in Latin America as the company intends to develop new business prospects in those regions.
Midas intends to explore Brazil’s growing IT sector, including cross-border revenue streams such the introduction of Infrastructure as a Service (IaaS) offerings from Brazil to the US, in addition to Business Process Outsourcing (BPO) for US firms to their Brazilian counterparts.
Investment banking group, State Capital, was the financial advisor for CIMCORP for this transaction.
