Bright House Networks has entered into an agreement to
acquire Telovations, a Tampa, Fla.-based cloud communications provider that
delivers businesses hosted voice solutions.
The deal is expected to close in 45 to 60 days, pending
regulatory approvals. Terms of the acquisition were not disclosed.
Q Advisors LLC, a Denver, Princeton and San Francisco-based
investment banking firm acted as the exclusive financial advisor to Telovations
for the deal.
Once the deal closes, the Telovations team will report into
Craig Cowden, senior VP, network engineering and operations, and enterprise
solutions at Bright House Networks.
"We welcome this collaborative opportunity to combine
our fiber optic network and managed services offerings with Telovations'
cloud-based unified communications services to provide companies with a much
broader array of network capabilities and industry-leading services," said
Leo Cloutier, senior VP, corporate strategy and business development at Bright
House Networks in a statement.
Telovations was a pioneer in the delivery of
"Communications-as-a-Service" (CaaS), which enables businesses to
deploy communications devices and applications on a pay-as-you-go, as-needed
basis that reduces capital investment and overhead.
As a result of the deal, Bright House will be able to expand
its offering of cloud based and managed services and offer small and
medium-sized businesses additional services.
"The combination of Telovations' innovative Cloud-based
Unified Communications offerings and Bright House's fiber network and broader
portfolio of managed services will provide customers some of the most advanced
business communications capabilities in the nation," noted Mark Swanson,
cofounder and CEO of Telovations.