Tuesday, September 4, 2007

INX Purchases Select for $8.5M in Cash, Stock

INX Inc., a provider of "business-ready" networks to enterprise organizations, revealed Tuesday that it has purchased Select Inc., an information technology consultant specializing in Cisco hardware, for some $8.5 million in cash and stock. INX said the acquisition closed Aug. 31 and was structured as a purchase of all outstanding shares of Select stock. The purchase price comprised $6.25 million in cash and $2.25 million for 231,958 shares of INX common stock. INX said additional purchase considerations include performance contingencies and a two-year, $500,000 non-competition fee to Dana Zahka, Select's founder, president and chief executive officer. INX is headquartered in Houston.