Cloud and managed services provider InterCloud Systems (ICLD) this week said it had signed an agreement to acquire cloud backup company VaultLogix to strengthen its cloud services product and distribution channels.

Although the financial terms of the deal were not disclosed, InterCloud Systems said VaultLogix has more than $12 million in annual recurring revenue, with earnings before interest, taxes, depreciation and amortization (EBITDA) at about $4.5 million.

InterCloud Systems CEO Mark Munro said in a prepared statement that the acquisition will continue to “strengthen InterCloud’s position within the rapidly growing cloud-based services market.”

“VaultLogix has its own intellectual property and will integrate seamlessly with our own cloud platform,” he said. “In addition, it brings InterCloud over 500 channel partners, which will catapult our growing channel sales efforts.”

In addition to being known for having integrations with various remote monitoring and management (RMM) and professional services automation (PSA) companies, VaultLogix is also well-known in the channel for providing its partners with numerous cloud-based backup and storage incentives throughout 2013.

“We look forward to both selling the VaultLogix services to the impressive InterCloud clientele as well as cross-selling the portfolio of InterCloud services to our existing team of resellers and customers,” VaultLogix CEO Tim Hannibal said in a prepared statement.

Both companies expect the transaction to close within the next 60 days.

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