Fatbeam Completes Purchase of IP Connect and is Poised for Future Expansion with Financing from Bank Street and Post Road Group
New Financing Positions Fatbeam for Future Acquisitions and Accelerated Growth
COEUR D'ALENE, Idaho, July 10, 2018 /PRNewswire/ -- Fatbeam, a leading provider of fiber-based wide area networks to rural and mid-sized markets in the western U.S., announces new financing and the purchase of the IP Connect division of Ednetics, a longstanding strategic partner of Fatbeam that offers technology solutions to the educational and public-sector markets. With this transaction, backed by new financing from Bank Street and Post Road Group, Fatbeam will acquire a base of customers in Idaho, Oregon and Washington State, as well as a core broadband internet service offering that the company will integrate and offer across its entire footprint.
"At Fatbeam, we consistently meet the growing bandwidth needs of businesses, educational institutions, governments and healthcare providers in the underserved markets in which we operate," says Greg Green, CEO of Fatbeam. "By aligning Ednetics' product line with our network and processes, customers will enjoy improved performance and enhanced availability. This deal demonstrates our commitment to make strategic investments in fiber optic assets including network solutions that enhance the customer experience and boost economic development in traditionally underserved markets."
With new financing from Bank Street and Post Road Group, Fatbeam is well positioned to accelerate growth through further strategic acquisitions. The company is already planning to leverage its widened customer base and enhanced product offering to make further investments, bolstering its current fiber optic networks. The purchase of IP Connect from Ednetics follows Fatbeam's recent expansion into Arizona and Nevada with its recent E-Rate contract wins that will allow the company to enlarge its addressable market opportunity significantly. With two strategic moves in the second quarter of 2018, the company is now set to focus on organic growth and enriched sales opportunities over the next several months.
Shawn Swanby, CEO of Ednetics, adds, "For years, Fatbeam has been a trusted partner and provider for our broadband services. This acquisition cements the relationship and allows Fatbeam to leverage its fiber optic network to grow the Connect product, a dependable, high-speed dedicated internet service offering for the educational and public-sector communities, throughout the seven states in which it has a presence. This transaction is the right move for current and future customers."
For more information on Fatbeam, visit the company's website at www.fatbeam.com.
About Fatbeam:
Fatbeam is the industry leader in the western U.S. in delivering fiber infrastructure for best-in-class connectivity to schools, businesses, healthcare and governments in rural and mid-sized communities. The company operates networks in over 35 markets spanning Idaho, Montana, Washington, Oregon and Wyoming, and is expanding into Arizona, Nevada and New Mexico. For more information, visit: www.fatbeam.com.
For additional information:
Tammy Lange, VP of Sales
(Email) [email protected]
(Direct) 208-758-7011 or (Cell) 208-660-5908
Media Contact:
Jaymie Scotto & Associates (JSA)
866-695-3629 ext. 6
[email protected]
SOURCE Fatbeam
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