(NEW YORK, NY) – Time Warner Cable Inc. (NYSE:TWC, news) today announced that it has completed its acquisition of NaviSite, Inc., a premier provider of enterprise-class hosting, managed application, messaging and cloud services. NaviSite will now operate as a wholly owned subsidiary of Time Warner Cable.
“Today Time Warner Cable adds a successful managed services business, with an innovative managed cloud platform, to our already extensive business to business offerings,” said Glenn Britt, Time Warner Cable Chairman and CEO. “Business services continue to present significant growth opportunities for the company and the addition of NaviSite strengthens our position in this area.”
NaviSite employs approximately 570 people worldwide. It operates nine data centers in the United States and the United Kingdom, two of which are SAS 70 Type II certified data centers, and has network operations centers in Gurgaon, India and Andover, Massachusetts.
NaviSite’s President R. Brooks Borcherding will continue to serve as NaviSite’s President and will oversee NaviSite’s day-to-day operations. He will report to Gerry Campbell, Executive Vice President of Business Services at Time Warner Cable and Carl Rossetti, Executive Vice President of Time Warner Cable and President of Time Warner Cable Ventures.
Deutsche Bank Securities Inc. and Paul, Weiss, Rifkind, Wharton & Garrison, LLP acted as advisors for Time Warner Cable. BRL Law Group LLC acted as advisor for NaviSite, and Raymond James and Richards, Layton & Finger, P.A. acted as advisors for the Special Committee of NaviSite’s Board of Directors.
About Time Warner Cable
Time Warner Cable is the second-largest cable operator in the U.S., with technologically advanced, well-clustered systems located mainly in five geographic areas — New York State (including New York City), the Carolinas, Ohio, southern California (including Los Angeles) and Texas. Time Warner Cable serves more than 14 million customers who subscribe to one or more of its video, high-speed data and voice services. Time Warner Cable Business Class offers a suite of phone, Internet, Ethernet and cable television services to businesses of all sizes. Time Warner Cable Media, the advertising arm of Time Warner Cable, offers national, regional and local companies innovative advertising solutions that are targeted and affordable. More information about the services of Time Warner Cable is available at www.timewarnercable.com, www.twcbc.com and www.twcmedia.com.
NaviSite, a Time Warner Cable Company, is a leading worldwide provider of enterprise-class, cloud-enabled hosting, managed applications and services. NaviSite provides a full suite of reliable and scalable managed services, including Application Services, industry-leading Enterprise Hosting, and Managed Cloud Services for enterprises looking to outsource IT infrastructure and lower their capital and operational costs. Enterprise customers depend on NaviSite for customized solutions, delivered through a global footprint of state-of-the-art data centers. For more information about NaviSite’s services, please visit www.navisite.com.
Caution Concerning Forward-Looking Statements
This document includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors, and other factors affecting the operations of Time Warner Cable Inc. More detailed information about these factors may be found in filings by Time Warner Cable Inc. with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Time Warner Cable is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.