Lucosky Brookman Represents Client Digerati Technologies, Inc. in Closing $20 Million Credit Facility with Post Road Group; Acquires Nexogy, Inc. and ActivePBX, more than Doubling Annual Revenue to Greater than $14 Million
Lucosky Brookman counseled its client, Digerati Technologies, Inc. (OTCQB: DTGI) ("Digerati" or the "Company"), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business (“SMB”) market, and its subsidiary T3 Communications, Inc. (“T3”), in connection with a $20 Million Senior Secured Credit Facility with Connecticut-based Post Road Group.
The initial funding of $14 Million from the $20 Million multi-draw facility was used to close the Company’s acquisitions of Nexogy, Inc. (Nexogy.com) and ActivePBX (ActivePBX.com), and refinance existing debt. Lucosky Brookman served as counsel to the Company in connection with the $20 Million financing and both the asset acquisition and the share acquisition.
Arthur L. Smith, Chief Executive Officer of Digerati, commented, “I commend our internal team and outside counsel, Lucosky Brookman, for staying on task and completing, not one, but two acquisitions simultaneously. We look forward to working with the talented people at Nexogy and ActivePBX that have placed a high value on customer service and retention. We will make integrating these transactions into our operations a top priority as we move on to the next phase of the Company’s growth plan. In addition, we continue to have a solid pipeline of potential acquisition targets in various stages of development and have a corporate goal to up-list to either the NASDAQ or NYSE.”
As a combined business, Nexogy, ActivePBX, and Digerati’s operating subsidiary, T3 Communications, Inc., serves over 2,600 business customers and approximately 28,000 users while generating over $14 Million in annual revenue.