Matthew Rosen, Chief Executive Officer of Fusion, said, "The last several months have been transformational for the Company and culminated in the completion of our previously announced acquisition of NBS, a profitable Unified Communications and cloud services provider, and the closing of $22.5 million in financing, from which a substantial portion of the proceeds were used to pay the purchase price of NBS. NBS adds 5,000 business customers to the Company and in fiscal 2011 generated $26.5 million in revenue, more than 95% of which was monthly recurring and contracted, and $4.9 million in adjusted EBITDA. We also expect to achieve substantial operating synergies and generate positive adjusted EBITDA in the first quarter of 2013. NBS's robust, scalable and flexible proprietary services platform, in combination with a national network that includes on-net hubs and facilities in several major markets, advances our cloud services strategy and provides a strong foundation for future acquisitions, all of which we expect to accelerate the pace of revenue and margin growth and significantly improve results."
Expanding on Mr. Rosen's comments, Don Hutchins, President and Chief Operating Officer of Fusion, said, "We are pleased that the dedicated efforts we exercised over the third quarter to conclude these exciting transactions have resulted in our beginning the fourth quarter with a significant financing and an acquisition that will help position us as a leading provider of Unified Communications and cloud services. The integration of products and services, staff, infrastructure and operations is well underway, and we have already begun to cross-sell our complementary products and services to our combined customer base. We were especially delighted to welcome the experienced NBS professionals to the Fusion team, and look forward to working together to build on our organic growth and achieve the operational synergies we expect to drive further improvements in our financial performance."
