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Level 3 Sells IT Outsourcing Biz for $81.5M
Oct 2005
BROOMFIELD, Colo., Oct. 27 -- International communications and information services company Level 3 Communications is selling its IT outsourcing company, (i)Structure LLC, to another outsourcing company, Leonia, N.J.-based Infocrossing Inc. The $81.5 million deal is expected to close by the end of the year, pending regulatory approval.

Level 3 says it is divesting itself of an operation that is not a core business for the company. The purchase price includes $1.5 million of Infocrossing stock and is subject to customary working capital and certain other adjustments, including an increase of up to $10 million in cash to reimburse Level 3 for capital expenditures and other costs associated with providing services to new customers that are pending installation. Over the previous 90 days, (i)Structure has signed new contracts totaling approximately $77 million over contract terms ranging from three to six years, according to a statement by Infocrossing.

Infocrossing and (i)Structure provide solutions that enable companies to outsource selective portions of their data center operations that are no longer cost-effective or practical to maintain in-house. (i)Structure has headquarters in Broomfield and serves clients in the central and western US. Level 3 says (i)Structure generated approximately $35 million of revenue and $5 million of adjusted OIBDA (operating income before depreciation and amortization) for the six months ending June 30, 2005. Infocrossing says it expects the purchase to add approximately $76 million in revenue to its bottom line over the next year.

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