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IceWeb Acquires Inline
HERNDON, Va. and DULLES, Va. -- IceWEB, Inc. (OTCBB:IWEB) today announced that it has completed the acquisition of INLINE Corporation (INLINE) , a privately held company recognized as a leader in the manufacturing of cutting-edge intelligent enterprise data storage solutions. INLINE is expected to generate 2008 revenue of approximately $8 million to $10 million and contribute significantly to earnings. INLINE also provides IceWEB with the ability to deliver in excess of $50 million of enterprise class data storage products to the end user and OEM marketplace.
INLINEs proprietary products include reliable, high performance Storage Area Network Solutions, Network Attached Storage, and Direct Attached Storage and the rapidly expanding OEM Storage Centric Appliances. Today, INLINE has developed its fifth generation of advanced data storage solutions, marketed under the brands TruEnterprise and FileStorm. All INLINE systems function in a heterogeneous operating system environment, including Windows, Unix and Linux.
Since its founding in 1994, INLINE has provided leading edge data storage solutions to the corporate enterprise, secondary education and government markets. Its customers have included high-flying, high-tech start-ups, old economy blue chips, federal agencies and leading educational institutions, such as America Online, Boeing, ESRI, Lockheed Martin, Sprint, Verio, Yahoo!, and many other U.S. Federal Government agencies in both Civilian and Defense, Duke University, MIT and John Hopkins University, among numerous others.
According to John R. Signorello, Chairman and CEO of IceWEB, This acquisition will now allow IceWEB to offer customers proprietary, high-margin data storage products and will position the Company as a rapidly growing participant in one of the hottest growth areas in todays IT arena, particularly in the government and enterprise sectors. Over the past year, we have spent considerable time carefully assessing established leaders in this space in hopes of identifying potential strategic partners and/or attractive acquisition candidates. With our purchase of INLINE, IceWEB is now ideally positioned to drive notable revenue growth, enhance overall profit margins on sales and promote international sales opportunities for IceWEB. Additionally, IceMAIL, IcePORTAL and IceSECURE will be migrated into the INLINE family of servers and storage devices, giving our customers a one-stop-shop for secure networking, disaster recovery and expansive on-the-fly storage. We are very excited about this new business initiative and have high expectations that it will contribute measurably to our growth in 2008 and beyond.
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