Windstream Holdings Inc. of Little Rock on Friday announced it has completed its previously announced $227.5 million all-cash acquisition of Broadview Networks Holdings Inc.
"The addition of Broadview advances our strategy to differentiate ourselves by delivering a truly superior customer experience using disruptive technologies," President and CEO Tony Thomas said in a news release.
"Broadview's innovative, award-winning unified communications solution, OfficeSuite, perfectly complements Windstream's SD-WAN offering. Both are highly scalable, easy to customize and less expensive to deploy than traditional solutions. We will move quickly to sell the combined solution across our national footprint."
Windstream also announced that Brian Crotty, Broadview's COO, has been named president of Windstream's mid-market and small business division. Thomas said his experience moving business customers from legacy telecom services to higher margin cloud-based solutions would be an asset for the unit that "will have annual revenues of approximately $1 billion."
Also joining Windstream from Broadview are:
- Mario Deriggi, senior vice president of sales.
- Stephen Farkouh, senior vice president of cloud technology and platform development.
- Sanjay Patel, vice president of platform development.
- Tim Bell, vice president of integration management and Broadview operations.
Windstream said it expects to see about $30 million in annual operating synergies within two years. The company also said the acquisition will improve its balance sheet and grow its free cash flow in the first year.