8x8 Inc. ( EGHT ), provider of innovative cloud communications and computing solutions, announced it has sold its dedicated server hosting business to The IRC Company Inc. (dba Black Lotus Communications) for $3 million in cash.
The dedicated server hosting business, acquired by 8x8 in May 2010, provided managed hosting services on dedicated servers to 288 customers as of June 30, 2013. For the fiscal year ended March 31, 2013, this business generated revenue of approximately $3.8 million and $753,000 in the first quarter of fiscal 2014.
8x8 said that its Infrastructure as a Service (SaaS) and Desktop as a Service (DaaS) cloud hosting business is not included in this transaction.
The company noted that it will report a gain of about $1 million related to this transaction in the second quarter of fiscal 2014.
Read more: http://www.nasdaq.com/article/8x8-sells-dedicated-server-hosting-business-to-irc-co-for-3-mln-in-cash-20131004-00181#ixzz2gpZNqiNC
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