Fusion Added to the Russell 2000 and Russell 3000 Indexes
NEW YORK, June 25, 2018 (GLOBE NEWSWIRE) -- Fusion (NASDAQ:FSNN), a leading provider of cloud services, today announced that it was added to the small-cap Russell 2000® Index and the broad-market Russell 3000® Index effective at the open of trading today, marking the annual Russell U.S. Indexes reconstitution.
Membership in the Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or the small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell U.S. Indexes primarily by objective, market-capitalization rankings and style attributes.
“Our inclusion into two of the most widely-followed benchmarks for small-cap and broader-market growth companies is a testament to the growth that we have achieved over the last six years,” said Matthew Rosen, Fusion’s Chairman and CEO. “In 2012, Fusion had just 5,000 customers, and reported revenue of $7 million and an adjusted EBITDA loss of $4 million. In contrast, Fusion now serves approximately 160,000 customers, and over the next 12 months, expects to generate at least $575 million in revenue and achieve an Adjusted EBITDA run-rate of more than $140 million.
“Our confidence is further supported by the successful progress we have made on the integration of our two recent acquisitions and the overwhelmingly positive response we have received from our channel partners across the country,” Mr. Rosen continued. “Fusion is now one of the largest cloud services providers in North America with a unique single source strategy, serving business customers throughout the U.S. and Canada. Our progress thus far, and today’s addition to the Russell 2000® and 3000® Indexes, represent important achievements for Fusion as we look to realize our intermediate-term financial objectives of $750 million in annualized revenue and $185 million in annualized Adjusted EBITDA.”
Russell U.S. Indexes are widely used by investment managers and institutional investors as the basis for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell U.S. Indexes. Russell U.S. Indexes are part of FTSE Russell, a leading global index provider.
For more information on the Russell 3000® Index and the Russell U.S. Indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website.
Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud®. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud communications, contact center, cloud connectivity and cloud computing. Fusion's innovative, yet proven cloud solutions lower our customers' cost of ownership, and deliver new levels of security, flexibility, scalability and speed of deployment. For more information, please visit www.fusionconnect.com.
Forward Looking Statements
Statements in this press release that are not purely historical facts, including statements regarding Fusion’s beliefs, expectations, intentions or strategies for the future, may be “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Such statements consist of any statement other than a recitation of historical fact and may sometimes be identified by the use of forward-looking terminology such as “may”, “expect”, “anticipate”, “intend”, “estimate” or “continue” or the negative thereof or other variations thereof or comparable terminology. The reader is cautioned that all forward-looking statements are speculative, and there are certain risks and uncertainties that could cause actual events or results to differ from those referred to in such forward-looking statements. Important risks regarding the Company’s business include the Company’s ability to comply with covenants included in its senior debt agreements; competitors with broader product lines and greater resources; emergence into new markets; natural disasters, acts of war, terrorism or other events beyond the Company’s control; and other factors identified by Fusion from time to time in its filings with the Securities and Exchange Commission, which are available through https://www.sec.gov. However, the reader is cautioned that Fusion’s future performance could also be affected by risks and uncertainties not enumerated above.
MZ North America