CARY — Cloud network provider GTT Communications announced Monday its acquisition of telecommunications company Access Point Inc., which is based in Cary, for $40 million.

The McLean, Virginia-based company structured the transaction with $35 million in cash and 115,194 shares valued at $5 million.

GTT’s strategic purchase of Access Point allows it to strengthen its presence in key industries such as retail, manufacturing and energy.

AccessPoint

“Access Point’s strong client relationships in key vertical markets make it a compelling strategic fit for GTT,” said CEO Rick Calder in a statement. “We expect a rapid integration as we work with our new clients to deliver on our purpose of connecting people across organizations, around the world and to every application in the cloud.”

Access Point’s portfolio offered to its customers includes a consolidated billing platform and networking services.

The transaction comes amid a season of acquisitions for GTT. The company announced its $2.34 billion acquisition of London-based Interoute Communications in February.

That deal closed on May 31. It added several virtual and physical data centers to GTT’s network along with 51 co-location facilities.

Other recent notable GTT acquisitions over the past two years include Accelerated Connections, Transbeam, Global Capacity, and Hibernia Networks. These four deals totaled to a combined cost of $756 million. The Hibernia Networks transaction was the costliest at $590 million.

Its acquisition history has proven profitable for its stock price.

The company’s share price has grown 80.5 percent since its November 2016 acquisition of Hibernia. This growth is in a market environment with 45.4 percent growth in the Dow Jones Industrial Average and 37.2 percent growth in the S&P 500.

GTT provides a diverse portfolio of products and services to its customers that includes networking, internet, managed services, and voice services.

“With GTT, Access Point customers now have access to one of the industry’s largest Tier 1 global IP networks and a broad portfolio of cloud networking services backed by a commitment to providing outstanding service that mirrors our own,” said Richard Brown, Access Point chief executive officer.

This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism