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Broadweave Networks and Provo City Complete iProvo Transaction

Posted on: Tuesday, 2 September 2008, 09:00 CDT

On Friday, August 29, 2008, Broadweave Networks completed the acquisition of the iProvo network, officially becoming the sole owner and operator of what was the largest municipal fiber-to-the-premises network in the United States.

"We are pleased with the positive feedback we have received from iProvo customers as they have worked with and interacted with Broadweave during this transition," said Mayor Lewis K. Billings. "Given the complexity of this project and transaction, we are very pleased to announce that our deal with Broadweave is now fully signed, sealed and delivered."

The acquisition makes Broadweave one of the largest Fiber-To-The-Home (FTTH) network operators in the country with a network that passes 36,000 homes, businesses, government buildings, and schools at speeds up to 1,000 times faster than cable or DSL. Broadweave's acquisition marks the first privatization of a municipally owned FTTH network. "We've now operated and controlled networks on both sides of the fence--public and private; open and consolidated," said Broadweave CEO, Steve Christensen.

With 60 days of operations under its belt, Broadweave has surpassed its sales and financial objectives, "Take rates are up. Revenues are up. It is Broadweave's hope to earn the loyalty of every business and residential customer in Provo," said Christensen.

Broadweave also announced that its goals for the network extend well beyond serving residential customers. Broadweave has launched its fiber-optic data and voice services to businesses. Broadweave will sharpen its focus on businesses by building its direct sales as well as key strategic partnerships.

Christensen notes that Broadweave's strong sales and revenue growth over the past 60 days made it unnecessary to acquire the last few service providers on the network. "We looked at our sales growth while we also considered the high price tag for the last remaining service providers on the network. We decided to build on the customer base that we had already purchased and consequently, we have decided to win the rest of the customers rather than buy them" Christensen said.

For more information about Broadweave and its services, visit www.broadweave.com.

About Broadweave

Broadweave Networks (www.broadweave.com) delivers its "Triple-Weave" suite of voice, video, and data services via the Company's own Fiber-To-The-Premises (FTTP) networks. Until recently, Broadweave has focused on deploying its fiber networks in new planned communities. Broadweave's acquisition of the iProvo network makes it one of the country's largest FTTP network operators. Broadweave also delivers data services, commercial telephony services to businesses.

Source: Business Wire

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