Data Storage Corporation announced on July 15, 2025, that it entered into a definitive agreement on July 11, 2025, to sell the assets of its wholly-owned subsidiary, CloudFirst Technologies Corporation. CloudFirst will join Performive, a cloud and infrastructure services provider backed by Renovus Capital Partners.
The transaction is subject to customary closing conditions and approval by Data Storage Corporation’s shareholders at its annual meeting scheduled for September 10, 2025. If approved, Data Storage expects to retain its public listing and continue to operate Nexxis Inc., its telecommunications and data services provider.
The company plans to use the proceeds from the sale, along with existing cash, for a tender offer to repurchase up to 85% of its outstanding shares. The remaining funds will be used to pursue strategic growth through acquisitions in high-growth sectors, including AI-enabled SaaS, cybersecurity, and healthcare automation, marking a significant strategic pivot for the company.
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