Midas Medici Group Holdings Inc., an innovative green IT company in the fields of virtualization, cloud computing and data management, as well as Smart Grid solutions, acquired CIMCORP, a mid-sized and well respected integrator in Brazil’s IT market.

The closing of the acquisition is subject to customary closing conditions and financing arrangements and is anticipated to close before the end of July 2011.

CIMCORP specializes in data center services with an emphasis on complex solutions that enable Brazilian companies to virtualize and implement cloud-based systems.  The acquisition of CIMCORP, which has IT operations across Brazil’s national territory, will allow Midas to significantly expand its current IT offerings into South America.

Midas is expected to infuse green IT into the CIMCORP customer base with its Consonus and UtiliPoint brands’ expertise, while also enjoying a boost to the consolidated company’s revenue streams.  CIMCORP has built strong relationships with both government and commercial clients over the years, resulting in over 200 employees and revenues in excess of $84 million in 2010.

Nana Baffour, CEO and Co-Founder of Midas, said the acquisition of CIMCORP is a milestone event for Midas Medici and its shareholders. According to Baffour, the company has consummated several acquisitions to date, including Consonus, WeatherWise and EHFC.

However, its latest acquisition with CIMCORP takes center stage as it propels its IT service offerings with exciting new international initiatives, while immediately doubling Midas’ consolidated revenue generating capabilities, said Baffour.

CIMCORP allows Midas to enter the fast-growing IT market in Brazil and Latin America as it looks to leverage its new operations and develop new business prospects that wouldn’t be possible as separate organizations, added Baffour.

As one of the fastest-growing major economies in the world, growth in Brazil is nothing short of outstanding, with GDP expected to grow by 5.9% a year until 2014 according to the Brazilian Finance Ministry, said Midas.

Over the next six years, Brazil will be transforming its cities as it gets ready to host the World Cup in 2014 and the Olympics in 2016, spending substantial amounts on its infrastructure, including IT solutions to handle the demands of travelers, guests, and athletes.

As part of the acquisition, Midas expects to pursue significant opportunities for growth in the Brazil’s high-growth IT sector, including cross-border revenue streams such the introduction of Infrastructure as a Service (IaaS) offerings from Brazil to the US, in addition to Business Process Outsourcing (BPO) for US firms to their Brazilian counterparts.