NEW YORK, Aug. 26, 2015 /PRNewswire/ — Newtek Business Services Corp. (“The Company”), (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that Newtek Technology Services (“NTS”), one of The Company’s wholly owned portfolio companies, has entered into a 39-month contract with LookSmart (NASDAQ: LOOK), a premier online and technology advertising company that operates LookSmart.com, Clickable.com and ShopWiki.com. Pursuant to this contact, NTS will manage, on an outsourced basis, LookSmart’s information technology (“IT”) operation through its fully integrated, around-the-clock managed technology solution in its data center in Scottsdale, Arizona. NTS has migrated all of LookSmart’s IT hardware and software to its cloud, and physically migrated LookSmart’s servers to its data center in Phoenix, Arizona. NTS will provide around-the-clock management and customer service to this new IT client, offering a premier outsourced solution for LookSmart and all of its stakeholders.
Barry Sloane, President, Chairman and Chief Executive Officer of Newtek Business Services Corp. said, “NTS has many years of expertise in handling complex sophisticated data center migrations and is now focusing on delivering to enterprise clients a path to and from the cloud for both backup and replication. Our current footprint in both of our Arizona locations in Scottsdale and Phoenix as well as our locations in New Jersey; Denver, Colorado; London, England and, in the near future, Singapore allow NTS to provide scalable service for managed enterprise backup and replication for seamless disaster recovery. We share the opinion of many industry experts that enterprise clients as well as small- and medium-sized businesses will migrate their hardware and software as well as their servers to a 24/7 data center and into the cloud. Cognizant of NTS’ 18 years of operating history and expertise, both commercial and public clients that want to reduce internal and external labor costs, the cost of power and bandwidth, hardware costs as well as desire real-time instant hot and redundant backup are approaching NTS daily for proposals and solutions. We believe there will continue to be a large-scale migration of businesses, of all sizes, from dedicated-server environments provided by the larger well-known companies to more nimble companies like NTS that provide significant labor-cost savings in addition to managed IT outsourced expertise.”
About Newtek Technology Services
Newtek Technology Services is a wholly owned portfolio company of Newtek Business Services Corp., and has been managed by The Company since 2004. The Newtek Technology Services’ infrastructure is now the foundation of Newtek’s cloud technology portfolio, software and business services for small- to medium-sized businesses, and large enterprises that need to finance and deploy information technology operations in the cloud.
About Newtek Business Services Corp.
Newtek Business Services Corp., The Small Business Authority®, is an internally managed BDC, which along with its controlled portfolio companies, provides a wide range of business services and financial products under the Newtek ® brand to the small- and medium-sized business (“SMB”) market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to over 100,000 SMB accounts across all 50 States to help them grow their sales, control their expenses and reduce their risk.
Newtek’s products and services include: Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), eCommerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage ™, Insurance Services, Web Services, Data Backup, Storage and Retrieval and Payroll.
The Small Business Authority ® is a registered trade mark of Newtek Business Services Corp., and neither are a part of or endorsed by the U.S. Small Business Administration.
Note Regarding Forward Looking Statements
This press release contains certain forward-looking statements. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek’s actual results to differ from management’s current expectations, are contained in Newtek’s filings with the Securities and Exchange Commission and available through http://www.sec.gov/.
For more information, please visit the following websites:
Newtek Business Services Corp.
Chairman and CEO
SOURCE Newtek Business Services Corp.