11:11 Systems announced that it has closed the previously announced acquisition of Green Cloud Defense, one of the largest independent channel-only cloud Infrastructure-as-a-Service (IaaS) providers in the United States.
This acquisition positions 11:11 for rapid growth in its strategy to bring together a platform to deliver Connectivity, Cloud, and Security solutions to lead in an untapped Total Addressable Market (TAM) of more than $750B, allowing a huge growth opportunity across all three platforms.
The business combination will deliver, among others, the following financial and strategic benefits for 11:11 and Green Cloud:
- Expands Cloud and Security capabilities powering customers to unlock the full potential of an estimated $1 trillion EBITDA value of cloud transformation
- Delivers Managed Network Connectivity solutions to Green Cloud’s national channel partner network of 700+ Managed Service Providers, Value-Added Resellers, and IT consultants serving 2,000+ businesses
- Leverages 11:11’s capital investments into increased automation and technology initiatives to accelerate Green Cloud growth to new levels
- Boosts the potential of Green Cloud’s prior acquisition of Cascade Defense and deepened relationship with Fortinet, a global leader in broad, integrated, and automated cybersecurity solutions to deliver fully managed Security Information and Event Management (SIEM) services, Security Operating Center as-a-service (SOCaaS), and Endpoint Detection and Response (EDR) services
Effective on closing Keith Coker, co-founder and former CEO of Green Cloud, is appointed as COO of 11:11, and Charles Houser, co-founder and former EVP Sales and Marketing, as SVP Agent Sales, working with Jeff Robator, CRO of 11:11. Terry Morrison will continue as CTO of Green Cloud; Don Tesner will serve as Senior Vice President of Green Cloud working with Mark Shalhoub, CFO of 11:11.
“This is a very important day for our company,” says Brett Diamond, CEO, 11:11 Systems. “Since announcing this acquisition in October, the 11:11 Systems and Green Cloud teams have developed a highly effective roadmap to further deepen our value proposition across cloud, connectivity, and security for enterprises, operators, and channel partners.”
“11:11 Systems provided an ideal path for Green Cloud to reward our early investors and allow our employees and partners the ability to continue to expand with a company that provides new products and a vision for growth well into the future,” says Keith Coker, COO, 11:11 Systems. ”I am thrilled to join this incredible team to deliver on this vision.”
Green Cloud will continue to operate as an independent brand until full integration is complete, expected in the second quarter of 2022.