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PEER 1 Hosting will buy UK-based managed hosting company NetBenefit (UK) Limited for £25 million (US$38.5 million) in cash.


"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 center in London for customers demanding low latency hosting," said Dominic Monkhouse, Managing Director EMEA of Peer 1 Hosting. "NetBenefit's presence in France also allows us to extend our outstanding customer experience into Europe."
 

Integration of NetBenefit's two existing datacenters into PEER 1 Hosting's FastFiber Network will create significant opportunities for additional peering and transit service revenues, the company said.

As part of the agreement, Group NBT will become a direct customer of PEER1 Hosting. 

Gary McIlraith, Chief Executive of Group NBT Limited, owners of NetBenefit, said:  "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."


For the fiscal year ending June 30, 2012, NetBenefit is forecast to generate approximately US$12.5 million in revenue and US$3.8 million in EBITDA. The company has operations in UK and France serving approximately 700 customers.
 

In the last 12 months, PEER 1 Hosting grew annualized run-rate revenues by 100% in EMEA, the company said.