PEER 1, the global web hosting company headquartered in Vancouver, British Columbia, has just announced the completion of the deal to acquire one of its competitors in the UK. According to a company announcement PEER 1 officials have signed an agreement to acquire NetBenefit Limited for some USD $38.5 million. NetBenefit is a managed hosting company and part of Group NBT Limited. The company currently serves about 700 customers in the UK and France.
The acquisition is important to PEER 1 inasmuch as it establishes the Canadian company as the number two managed web hosting provider in the UK. That, in turn, provides a springboard for PEER 1’s future growth plans in the European market.
“This deal strengthens our position as a full solution provider in the UK, which sees us now become a compliant PCI Data Security Standard (PCI DSS) Level 1 provider with a data centre in London for customers demanding low latency hosting,” explained PEER 1 Managing Director Dominic Monkhouse. “NetBenefit’s presence in France also allows us to extend our outstanding customer experience into Europe.”
While the two companies are waiting for the deal to be approved they will begin working on integrating NetBenefit’s two data centers into the PEER 1 system. As part of the agreement Group NBT Limited will purchase its managed hosting services from PEER 1 for an undisclosed period of time.
“PEER 1 Hosting has a great reputation for customer service and as an outstanding employer,” said Group NBT’s Gary McIlraith. “The breadth and scale of their cloud offering will bring increased choice for our loyal customer base. We are 100% confident that this is good news for us, our customers and staff.”