Birch Communications, Inc., a provider of business focused communications, cloud computing, and managed services based in Atlanta announced today it has completed its previously announced acquisition of Cbeyond in an all-cash transaction valued at approximately $323 million.
As a result of this acquisition, the common stock of Cbeyond is no longer listed for trading on the NASDAQ. The transaction has been unanimously approved by the boards of directors of both companies, and follows several months of federal and state regulatory review.
Birch's 21st acquisition since 2006 creates a nationwide communications, cloud computing and managed services provider with approximately $700 million in annual revenue and approximately 200,000 business customers located in all 50 states, the District of Columbia, Canada and Puerto Rico.
"Cbeyond is a great strategic fit for Birch. This acquisition creates a truly unrivalled communications and technology services powerhouse that can serve businesses at every stage of their lifecycle," said Vincent M. Oddo, president and CEO of Birch. "We are building on our heritage of redefining the way businesses are served and supported, and are well-positioned to meet the accelerating demand for broadband and cloud-based services – competitively, strategically and financially."
"We are excited to welcome the Cbeyond customers and employees! Superior, award-winning customer service will continue to be our number-one priority," said Chris Aversano, COO of Birch. "The completion of this transaction means that all of our customers will now benefit from a comprehensive set of communications and managed-service capabilities that enable them to operate their businesses in an efficient and effective manner."
Birch will maintain its headquarters in Atlanta, GA and continue to increase its investment in the Atlanta metro area. Cbeyond's Atlanta headquarters and operations facility will become Birch's newest Operations Center supporting a range of functions including: customer care, engineering, operations, sales, finance and marketing. Birch maintains two other Operations Centers in Macon, GA and Emporia, KS.
