A Southfield-based software firm with 600 employees has been acquired by a multibillion dollar Japanese telecommunications company.
Secure-24 LLC was acquired by NTT Communications Corp., a subsidiary of Tokyo-based Nippon Telegraph and Telephone, which is one of the largest telecommunications companies in the world.
Terms of the deal, made public in a news release Friday, were not disclosed.
Founded in 2001 and led by CEO Mike Jennings, Secure-24 is a provider of managed cloud services, IT operations and applications hosting. It operates an office at 26955 Northwestern Highway, as well as one in Hyderabad, India. It reported a 2016 revenue of $93 million, up from $81 million in 2015.
Secure-24's 600 employees will remain in their positions following the acquisition, and the leadership structure will also remain, with Jennings at the helm. It will continue to operate under the same name, as a standalone business unit of NTT.
Secure-24's managed IT services were sought after by NTT, which sees significant growth of those services in the U.S. and worldwide, according to the release. NTT plans to combine Secure-24's services "to enhance their ability to meet hybrid IT requirements with high-quality managed services."
NTT reported a revenue of $11.9 billion for the fiscal year ending March 31. The acquisition follows the telecom giant's aggressive acquisition plan for smaller firms across the world to help enterprise customers operate and maintain enterprise applications such as SAP ERP and Oracle.