MCLEAN, Va. -- Global Telecom & Technology, Inc. (“GTT”), (OTCBB: GTLT), a global telecommunications carrier and leading network integrator serving the data communications needs of large enterprise, government and carrier clients, announces an agreement to acquire privately-held, UK-based PacketExchange. The transaction underlines GTT’s growth strategy to scale the business globally through both organic growth and strategic acquisitions.

Under the terms of the agreement, GTT will pay up to $20 million in cash and assumed debt to acquire PacketExchange, which through its subsidiaries operates network assets throughout the US, Europe and Asia, serving approximately 500 customers generating over $20 million in annualized revenue post-acquisition. In combination with GTT’s existing network and operating platform, the acquired business is expected to drive significant incremental EBITDA. GTT expects the transaction to close by the end of the 2nd quarter of 2011.

Global Telecom & Technology Inc.