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TMCNet: New York firm to buy Xeta Technologies

[February 09, 2011]

New York firm to buy Xeta Technologies

Feb 09, 2011 (Tulsa World - McClatchy-Tribune Information Services via COMTEX) -- Broken Arrow-based XETA Technologies, which has been on a corporate buying spree in recent years, announced Wednesday it will soon be bought out itself.

PAETEC Holding Corp., a business communications provider based in Fairport, N.Y., has signed an agreement to buy XETA for $5.50 per share.

The purchase, which will make XETA an indirect wholly owned subsidiary of PAETEC, is subject to approval by XETA's shareholders. The sale is expected to be completed within three months.

In a release, Greg Forrest, CEO and president of XETA Technologies, said the acquisition will provide great value to the company's shareholders.

"We have a 30-year history of delivering best-in-class services to our customers," he said. "With the expanded scale and scope of PAETEC, the value proposition to our customers, vendors and business partners has never been stronger." Arunas A. Chesonis, chairman and CEO of PAETEC, said in the release that the two companies offer similar services, and the purchase will allow PAETEC to provide better value for its customers.

The purchase, Chesonis said, is part of PAETEC's strategy to boost services to customers "beyond traditional telecom products with advanced managed services and cloud computing solutions," he said.

PAETEC provides business communications for medium and large businesses, enterprise organizations and institutions across the United States. The company offers IP, voice, data and Internet services, as well as enterprise communications management software, network security solutions and managed services.

To see more of the Tulsa World, or to subscribe to the newspaper, go to http://www.tulsaworld.com. Copyright (c) 2011, Tulsa World, Okla. Distributed by McClatchy-Tribune Information Services. For more information about the content services offered by McClatchy-Tribune Information Services (MCT), visit www.mctinfoservices.com.

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