DUBLIN--(BUSINESS WIRE)--Hibernia Networks, a leading provider of global telecommunications services, today announces the completion of the acquisition by GTT Communications, the leading global cloud networking provider to multinational clients.
Hibernia Networks was founded in 2003 by Ken Peterson, Jr, Chairman and CEO of Columbia Ventures Corporation (CVC), through the initial purchase of two transatlantic cables, plus select fiber network assets in North America and Europe. Over the next thirteen years, the company embarked on an aggressive expansion strategy through the acquisition of additional optical, Ethernet, IP and media service capabilities. Additionally, Hibernia Networks strategically constructed new subsea cable systems including Hibernia Express, subsequent to an investment by KCK Ltd. Hibernia Express was commissioned into service in September 2015, and is the industry’s fastest transatlantic cable, offering customers unparalleled latency performance of less than 59 milliseconds between New York and London, further solidifying the company’s market leadership position. Since inception, Hibernia Networks consistently generated impressive revenue and EBITDA growth, serving many of the world’s leading banks, financial exchanges, media companies, webcentrics and other service providers.
“We are proud of the achievements by Hibernia Networks in bringing to the telecommunications marketplace a set of services that have raised the bar for performance, quality and agility,” stated Tom Wasserman, Chairman of the Board of Hibernia Networks and Managing Director of HPS Investment Partners. “The company has accumulated assets that are truly unique in the industry, and we greatly appreciate the dedication of the management team led by Bjarni Thorvardarson for this accomplishment.”
“We are profoundly grateful for the support of our investors, loyalty of our customers, and dedication of our talented employees, in building a company that has positively impacted a global telecommunications market that demands leading-edge network solutions,” stated Bjarni Thorvardarson, Chief Executive Officer of Hibernia Networks. “Hibernia Networks’ high performance fiber optic network, product capabilities, human talent and segment expertise are a compelling complement to GTT. The combined company will provide substantial benefits to customers.”
About Hibernia Networks:
Hibernia Networks owns and operates a global network serving more than 100 markets and spanning 25 countries. Hibernia Networks serves customers with unparalleled support, flexibility and service in a variety of industry segments including financial markets, web-centric, media and entertainment, and telecom service providers. Providing enterprise-class and wholesale global connectivity solutions, Hibernia Networks offers secure and diverse optical transport, Ethernet, and carrier-grade IP transit services. Hibernia Networks also offers dedicated cloud connectivity, low latency services, DTM and Hibernia CDN for seamless anytime, anywhere content delivery. Hibernia Express, Hibernia Networks’ transatlantic cable, provides the lowest latency connections available between major commercial and financial centers in North America, Europe and beyond. The state-of-the-art cable system garnered two Global Carrier Awards in 2015 – Subsea Project of the Year and Best Subsea Innovation, as well as the Global Telecom Business Innovation Award for 2016.
GTT provides multinationals with a better way to reach the cloud through its suite of cloud networking services, including wide area networking, Internet, managed services and voice services. The company’s Tier 1 IP network, ranked in the top five worldwide, connects clients to any location in the world and any application in the cloud. GTT delivers an outstanding client experience by living its core values of simplicity, speed and agility. For more information on how GTT is redefining global communications, please visit www.gtt.net.