Spectrum Global Solutions, Inc. (OTCPK:SGSI.F) entered into a definitive agreement to acquire ADEX Corporation and ADEX Puerto Rico LLC from InterCloud Systems, Inc. (OTCPK:ICLD) for $5 million on February 6, 2018. As part of consideration, InterCloud will receive $5 million in a combination of cash and seller's note. The transaction is subject to completion of financing by the buyer and other standard closing conditions. For the year ended 2017, the annual revenue and adjusted EBITDA for ADEX Corporation and ADEX Puerto Rico is $20 million and $1 million respectively.

Spectrum Global Solutions, Inc. (OTCPK:SGSI.F) completed the acquisition of ADEX Corporation and ADEX Puerto Rico LLC from InterCloud Systems, Inc. (OTCPK:ICLD) on February 27, 2018. Under the terms of agreement, $5 million includes $3 million in cash of which $2.5 paid at closing and $0.05 million will be retained by Spectrum for ninety days in order to satisfy any outstanding liabilities of ADEX and issuance of convertible promissory note in aggregate of $2 million to InterCloud.