Crednology Holding Co. announced Tuesday it plans to acquire a company that provides cloud computing based services.
The Northridge technology company is currently in the final negotiations on the purchase of the unidentified company. It stated that the company it is buying currently uses Crednology’s cloud network to provide services to its customers.
Crednology owns 4Service, a cloud computing hosting company, and ITatOnce, which deploys and manages on-premises cloud computing environments, as well as a subsidiary, California Recycling Inc., an e-waste collections provider.
Crednology Chief Executive Oriel Rechtman said this would be the first of several targeted technology sector acquisitions the company looks to do in the next year to year and a half.
“We continue to improve our internal growth, particularly in our e-waste division, while we focus on our business plan which includes our internal and external growth plans while maintaining low overhead,” Rechtman said in a prepared statement.
Crednology (COHO) shares closed up less than a cent, or 33 percent, to a fraction of a cent on the over-the-counter market.