X5 Solutions Acquires CornerStone Telephone Company
December 16, 2015
SEATTLE--(BUSINESS WIRE)--X5 Solutions, a portfolio company of NewSpring Capital’s dedicated buy and build strategy NewSpring Holdings, has reached an agreement to acquire CornerStone Telephone Company, a New York-based advanced communications solutions provider.
The acquisition of CornerStone is the next in a recent series of strategic expansion activities to advance X5’s position as a fully integrated, national communications company. In October of this year, X5 announced the acquisition of NovaTel (www.novatelnetworks.com), and in April the acquisition of Switching Concepts (www.switchingconcepts.com), which closed earlier this year.CornerStone, headquartered in Troy, NY, provides local and long distance phone service, high-speed Internet access, VoIP, cloud computing, data center services and business phone systems to customers throughout the northeastern United States.
“CornerStone is a key asset in our national expansion efforts,” said Greg Forrest, CEO of X5 Solutions. “The company has a strong presence, with more than 7,000 loyal, top-quality customers in a geographic region we’ve targeted for expanding our cloud offering. CornerStone has a proven track record of opening and optimizing new markets, offering customers leading technology to serve all their communications needs at competitive pricing. This will immediately contribute to X5’s aggressive growth goals.”
Forrest continued, “The addition of CornerStone’s strong leadership, sales, technical and operations talent is a vital competitive advantage, as is the acquisition of two additional Points-of-Presence and technology fully compatible with X5’s existing network infrastructure.”
Dan Yamin, CEO of CornerStone, said he is looking forward to teaming up with X5’s executive management team to build a nationally recognized organization capitalizing on each company’s strengths and taking the combined entity to a new level of service and innovation.
"The leaders of X5 Solutions saw true compatibility with the network and product offerings of CornerStone, as well as opportunities to grow their expanding portfolio of services and geographic reach to the Northeast,” said Yamin. “CornerStone customers will benefit from the synergies of our organizations and gain access to additional and diverse solutions. We’re excited for this new chapter and what the future holds for us."
The acquisition is subject to regulatory review and approval and is expected to be completed during the first quarter of 2016. For the full story and more about X5 Solutions, click here.