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Technology Stocks : Cloud, edge and decentralized computing

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To: stockman_scott who wrote (570)	2/2/2011 10:33:40 AM
From: Glenn Petersen	1 Recommendation Read Replies (1) of 1685

Another acquisition: Time Warner Cable to Acquire Navisite for $230 Million in Cloud Expansion By Amy Thomson Bloomberg Feb 1, 2011 4:37 PM CT Time Warner Cable Inc. agreed to buy NaviSite Inc. for $230 million as the second-largest U.S. cable- television operator expands into services that will let businesses store data online. The deal, which values Andover, Massachusetts-based NaviSite at $5.50 a share, represents a 33 percent premium to the company’s closing price today. The transaction is expected to close in the second quarter, Time Warner Cable said in a statement today. NaviSite will help Time Warner Cable win business customers who are looking for new ways to store and manage electronic data and software, Chief Executive Officer Glenn Britt said in the statement. The deal follows Verizon Communications Inc.’s agreement to buy Terremark Worldwide Inc. for $1.4 billion last week. The industry for Web-based data storage and services, known as cloud computing, may reach $148.8 billion by 2014 from $68.3 billion last year, according to researcher Gartner Inc. NaviSite rose 13 cents, or 3.3 percent, to close at $4.13 in Nasdaq Stock Market composite trading. The shares have gained 38 percent in the last 12 months. New York-based Time Warner Cable, up 55 percent in the past year, gained 90 cents to $68.73 in New York Stock Exchange composite trading at 4:15 p.m. To contact the reporter on this story: Amy Thomson in New York at athomson6@bloomberg.net To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net bloomberg.com

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