SingleHop, a Chicago-based cloud hosting company, has been acquired by Internap Corporation (INAP) for $132 million in cash.
INAP, a publicly traded provider of high-performance data center services, announced Wednesday that it has finalized its acquisition of SingleHop, which launched in 2006 and raised over $72 million in venture and debt funding. SingleHop's investors include Battery Ventures and Digital Realty Trust. The deal was initially announced on January 29.
SingleHop co-founder and CEO Zak Boca will stay on as INAP’s CMO.
"Today is a major milestone in our history," Boca wrote in a letter to customers and employees Wednesday, adding "The acquisition makes perfect operational and strategic sense."
SingleHop has been one of Chicago's fastest-growing tech companies in recent years. The company was on the Inc. 5000---a list of fastest-growing private companies---for eight straight years, and it has grown to 150 employees. SingleHop has more than 3,000 customers, including BP, NBC News, and the Harvard Medical School.
"We are excited to welcome SingleHop’s talented employees to our team as part of our vision to expand and build INAP’s value proposition and power to generate sustainable growth," Peter D. Aquino, President and CEO of INAP, said in a statement.
INAP said in January it expects SingleHop will contribute $45 million to $50 million in annualized revenue post-closing.
