Broadband National Secures $3.25 Million in Financing from Constellation Ventures
Bear Stearns’ Constellation Ventures funds fast-growing Broadband National.
Vero Beach, FL, February 10, 2006 --(PR.com)-- Broadband National, the leading online marketing company that promotes broadband related products and services, is announcing completion of its Series C funding round. The new round of $3.25 million was funded by Constellation Ventures, a Bear Stearns Asset Management Venture Capital Fund. This was Broadband National’s first institutional financing that was supported by the individual investors from its Series A and B rounds.
The company plans to use the proceeds of the new funding to expand its business offerings to include managed services, VoIP, and an enterprise telecom inventory system; to expand consumer offerings such as video, voice, internet security and content; to expand sales channel growth; and to enhance its customer experience by further development of its underlying technology and user interface.
Broadband National’s proprietary Integrated Broadband Information System (“IBIS”) aggregates more than 50 broadband and VoIP service providers into one platform. Companies such as AT&T, Comcast, Covad, Qwest, Sprint, Time Warner and Verizon have integrated with the IBIS system, enabling customers to compare pricing, features, and broadband speeds. A customer can purchase these services on the IBIS system through its online ordering forms, which are immediately transmitted to the carriers via XML technology, initiating the service provisioning process.
Broadband National leases the IBIS system to companies that are looking to monetize their customer base by selling incremental products and services. More than 1000 companies privately brand the IBIS system for online sales, call center application, and retail kiosks.
In conjunction with this funding, Tom Wasserman of Constellation Ventures will serve on the company’s board of directors. Additional Board seats will be filled by Pat Welsh (Welsh Carson Anderson and Stowe), Ray Oglethorpe (former president, AOL), Charlie Dill (Two Rivers Associates), and Michael Leitner (Tennenbaum Capital Partners).
“Constellation evaluated several companies in this space and found that Broadband National has both a back engine that is robust and scalable, and incredible online marketing capabilities based on proprietary software, technology, and processes,” said Tom Wasserman of Constellation Ventures. “Broadband National is an online leader that has simplified the buying process in the fragmented broadband and voice access business. We see incredible growth opportunity in this vertical for both the consumers and businesses they support.”
“Constellation is a terrific strategic fit for Broadband National,” said Vinny Olmstead, President of Broadband National. “Their focus and experience in the media and communication vertical will be invaluable to our company. Tom’s industry experience and accomplishments are welcome enhancements of leadership for the business, and will assist with execution of our business plan.”
About Constellation Ventures
Constellation Ventures, a Bear Stearns Asset Management Venture Capital Fund, manages $450 million in venture capital through offices in New York and Tokyo. The fund invests in early- to mid-stage companies that enable the distribution, management and control of information over emerging digital networks. Constellation Ventures provides its portfolio companies strategic value-added services by leveraging its Limited Partners that include Bear Stearns, Sony, Viacom, Young & Rubicam, Tribune, Dai Nippon Printing, NTT Data, Acxiom, Toyota and Singapore Technologies. For more information, please visit www.constellationventures.com.
About Broadband National
Broadband National is the leading comparative shopping website for broadband related services and products. Residential and business customers can use Broadband National's IBIS (Integrated Broadband Information System) technology to compare services from more than 50 local, regional and national service providers. Companies such as Comcast, AT&T, Sprint, Qwest, Dlink, Time Warner, and Verizon are offered at www.broadbandnational.com. Broadband National utilizes their online marketing capabilities to attract customers and ultimately complete sales for their marketing customers.
The private company was formed in 2003 as a solution to a fragmented and confusing broadband market place. Millions have used the website to compare services, with more than 300,000 consumers and businesses having purchased broadband, VoIP, and similar broadband related products and services.
The robust IBIS system is also utilized by several companies including selected “Big Box” stores such as Office Depot and more than 1,000 others companies that lease the technology to offer broadband products and services on their websites and in retail stores.
For Broadband National press or investor relations inquiries, please contact Mark Ballard at 772-539-0618 or visit www.broadbandnational.com
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The company plans to use the proceeds of the new funding to expand its business offerings to include managed services, VoIP, and an enterprise telecom inventory system; to expand consumer offerings such as video, voice, internet security and content; to expand sales channel growth; and to enhance its customer experience by further development of its underlying technology and user interface.
Broadband National’s proprietary Integrated Broadband Information System (“IBIS”) aggregates more than 50 broadband and VoIP service providers into one platform. Companies such as AT&T, Comcast, Covad, Qwest, Sprint, Time Warner and Verizon have integrated with the IBIS system, enabling customers to compare pricing, features, and broadband speeds. A customer can purchase these services on the IBIS system through its online ordering forms, which are immediately transmitted to the carriers via XML technology, initiating the service provisioning process.
Broadband National leases the IBIS system to companies that are looking to monetize their customer base by selling incremental products and services. More than 1000 companies privately brand the IBIS system for online sales, call center application, and retail kiosks.
In conjunction with this funding, Tom Wasserman of Constellation Ventures will serve on the company’s board of directors. Additional Board seats will be filled by Pat Welsh (Welsh Carson Anderson and Stowe), Ray Oglethorpe (former president, AOL), Charlie Dill (Two Rivers Associates), and Michael Leitner (Tennenbaum Capital Partners).
“Constellation evaluated several companies in this space and found that Broadband National has both a back engine that is robust and scalable, and incredible online marketing capabilities based on proprietary software, technology, and processes,” said Tom Wasserman of Constellation Ventures. “Broadband National is an online leader that has simplified the buying process in the fragmented broadband and voice access business. We see incredible growth opportunity in this vertical for both the consumers and businesses they support.”
“Constellation is a terrific strategic fit for Broadband National,” said Vinny Olmstead, President of Broadband National. “Their focus and experience in the media and communication vertical will be invaluable to our company. Tom’s industry experience and accomplishments are welcome enhancements of leadership for the business, and will assist with execution of our business plan.”
About Constellation Ventures
Constellation Ventures, a Bear Stearns Asset Management Venture Capital Fund, manages $450 million in venture capital through offices in New York and Tokyo. The fund invests in early- to mid-stage companies that enable the distribution, management and control of information over emerging digital networks. Constellation Ventures provides its portfolio companies strategic value-added services by leveraging its Limited Partners that include Bear Stearns, Sony, Viacom, Young & Rubicam, Tribune, Dai Nippon Printing, NTT Data, Acxiom, Toyota and Singapore Technologies. For more information, please visit www.constellationventures.com.
About Broadband National
Broadband National is the leading comparative shopping website for broadband related services and products. Residential and business customers can use Broadband National's IBIS (Integrated Broadband Information System) technology to compare services from more than 50 local, regional and national service providers. Companies such as Comcast, AT&T, Sprint, Qwest, Dlink, Time Warner, and Verizon are offered at www.broadbandnational.com. Broadband National utilizes their online marketing capabilities to attract customers and ultimately complete sales for their marketing customers.
The private company was formed in 2003 as a solution to a fragmented and confusing broadband market place. Millions have used the website to compare services, with more than 300,000 consumers and businesses having purchased broadband, VoIP, and similar broadband related products and services.
The robust IBIS system is also utilized by several companies including selected “Big Box” stores such as Office Depot and more than 1,000 others companies that lease the technology to offer broadband products and services on their websites and in retail stores.
For Broadband National press or investor relations inquiries, please contact Mark Ballard at 772-539-0618 or visit www.broadbandnational.com
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Broadband National
Mark Ballard
772-539-0618
www.broadbandnational.com
Mark Ballard
772-539-0618
www.broadbandnational.com
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