Tuesday, May 20, 2008

Broadweave Networks to Gain Provo Fiber Customers

Fiber optic network service provider Broadweave Networks announced Tuesday that it has acquired one Provo, Utah-based fiber provider and the services and customer bases of two others. Terms of the transactions, which also involved Veracity Communications, Mstar Metro and Nuvont Communications, were not disclosed. The news comes about a week after Broadweave reported that it would acquire the city of Provo's iProvo fiber optic infrastructure for a total of $40.6 million. At the time, the iProvo network was the country's largest municipally owned fiber-to-the-premises network, Broadweave noted. The Salt Lake City-based company said the transition of customer accounts will coincide with the closing of its iProvo acquisition, which is expected to occur before July 1. Broadweave added that, as a result of the Veracity acquisition, two Veracity principals will join Broadweave's leadership team. Specifically, Broadweave said Kevin Mayberry will join the company's board of directors, while Drew Peterson will become chief sales officer. Broadweave is a privately held company backed by Utah investment firms Sorenson Capital and EsNet Group.