Glowpoint set to acquire Affinity VideoNet

Telecom Lead America: Glowpoint, a global provider
of cloud managed video services, has entered into a definitive agreement
to acquire Affinity VideoNet.

Affinity VideoNet is a provider of public
videoconferencing rooms and managed videoconferencing services to professional
service organizations across the world.


The acquisition will provide Affinity’s global
professional services customers with access to an expanded array of services
using Glowpoint’s OpenVideo cloud platform.


Over the acquisition, Peter Holst, president and CEO of
Affinity VideoNet, will join the Glowpoint executive team as senior VP of
Business Development. Holst will lead the integration efforts and focus on the
seamless delivery of managed services with the combined operation.


Joe Laezza, president and CEO of Glowpoint said that
through this acquisition, Glowpoint’s combined customer base will have access
to a broader suite of cloud services delivered from the OpenVideo cloud, and
broader offering of managed services delivered with the highest quality
experience and support for customers.


Glowpoint will acquire Affinity for a combination of
cash, stock and seller’s note. The transaction purchase price is composed of
$7.75 million cash to be paid at closing, $2.75 million, two-year seller’s note
and the issuance of 2,650,000 shares of common stock.


Tolga Sakman, Glowpoint’s acting CFO and SVP of Corporate
Development said that the Glowpoint business model and service platform is a
perfect fit for enhancing Affinity’s existing business.


Affinity offers high definition videoconferencing suites
and conferencing services. The company provides a virtual meeting experience,
as well as access to high definition videoconferencing suites


Pete Holst, president and CEO of Affinity said that the
combined strength of leadership team will drive the ability to serve and grow
global customers.


Glowpoint expands business-to-business video exchange services


In March this year, Glowpoint expanded its
business-to-business (B2B) video exchange services.


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