NORWALK, Conn., Dec. 9, 2003 (PRIMEZONE) -- AimNet Solutions, a managed network and professional services company, today announced the acquisition of Paradigm Technology Partners, a leading provider of managed services and security solutions. The new company will be profitable, cash flow positive, and has received an additional $2.5 million investment, which will fuel expansion through both organic and acquisition growth.
AimNet's support of existing Paradigm clients will begin immediately, as will the integration of each company's operations. Overall integration is expected to be completed in the first quarter of 2004. When completed, AimNet, which is headquartered is in Norwalk, CT, will have offices in New York City, Massachusetts, Florida, New Jersey, Virginia, and New Hampshire.
The acquisition of Paradigm caps a successful year for AimNet, which has included achieving profitability and growing its managed services revenue over 25% by adding over 60 new clients. The company's 2003 performance confirms what Gartner predicted in November 2002 in a Research Note on IP and Internet Services when it called for AimNet to be one of the winning MSP's in 2003.
"Leadership among independent Managed Service Providers will require a carefully planned build and buy strategy," said Eric Goodness, Principal Analyst at Gartner. "The companies that act first will be rewarded with increased revenue per customer, lower unit costs and a broader service portfolio. Companies that do not act aggressively in the marketplace will overpay in their acquisitions and be left out of the dance because of a shortage of strategic partners."
Ed Nalbandian, AimNet's CEO, said, "The services and solutions that Paradigm delivers will strengthen the offerings that AimNet will be able to provide and further enhance our leadership position in the Managed Service Provider (MSP) industry." Kevin Cotter, who is currently the President and CEO of Paradigm Technology Partners, will become President of AimNet Solutions. Mr. Cotter stated "The investments that AimNet has made in its managed services platform will provide enhanced benefits and reporting capabilities to Paradigm's clients and business partners." The new company will also leverage its strong channel partner relationships and vertical industry expertise to further benefit clients:
-- AimNet, a member of the MSP Alliance, is a Microsoft(R) Gold
Certified Partner, Cisco Premier Certified Partner, and a member
of the Citrix Global 2000 Program. In addition, the company has
technology partnerships with a number of leading providers
including HP and IBM.
-- AimNet's vertical industry specialties include financial
services, healthcare and utilities. The addition of Paradigm's
security solutions will further enhance AimNet's ability to
deliver comprehensive and cost-effective managed services to
clients in these and other industries.
The additional investment comes from the combined company's investors, which includes William E. Simon & Sons, Mellon Ventures, ClearLight Partners LLC, North Atlantic Capital Corp., Hickory Hill Ventures LLC, and Great Hill Partners.
About AimNet Solutions:
AimNet Solutions (www.aimnetsolutions.com) is a managed network and professional services company that provides clients with an industry-leading range of advanced, end-to-end local area network, wide area network, information security, server management and network performance services that help to empower their e-business networks and strategies. For more information, please call (888) 332-5746 or send an email to info@aimnetsolutions.com.
About Paradigm Technology Partners, Inc.:
Paradigm is a leading U.S. based managed services and security solutions provider offering solutions than enable enterprises to secure, maintain and manage their technology infrastructure and environment. Paradigm brings together expertise and technology necessary to help increase an organization's IT efficiencies through cost effective deployment, optimization and management of enabling technologies