Wachovia Capital Partners, the private equity arm of Wachovia Corporation (NYSE:WB), has acquired a majority stake in Kennesaw, Georgia-based, Integrated BroadBand Services, LLC (IBBS). IBBS is a leading provider of operational support software and back office services for cable and broadband operators located in the United States and abroad. The company's current management, including co-founders Michael Ingram and Rob Buckfelder, will retain a sizeable equity position in the company and continue running day-to-day operations.
CEO Buckfelder commented, “Our management team is excited to partner with Wachovia Capital Partners as we continue to expand on our already successful growth record. My long-term relationship with the partners at Wachovia Capital Partners, respect for their media and cable expertise and their capacity to fund the continued growth of IBBS, made them a logical choice for this partnership.”
Wachovia Capital Partners Managing Partner Watts Hamrick further acknowledged the strong partnership. “Rob has had a successful career as a banker, manager/operator and now entrepreneur and has previously worked with us in several existing portfolio companies. We are excited about the opportunity to invest alongside Rob and his team, and look forward to assisting them as we grow IBBS into an international software and services provider for the communications industry.”
Intergrated Broadband Services (IBBS) provides fully-integrated data, voice and support services to simplify the delivery of communications for cable providers and their residential and commercial customers. IBBS operates at the intersection of technology and people. The company’s technology and approach to service provide an unmatched customer experience and measureable ROI for the companies it serves. Cable operators leverage IBBS’ award-winning proprietary BBX operational support system to launch services and seize marketplace opportunities while relying on the company’s Tier I NOC, engineering team, and world-class call center to drive profitability and delight customers. For its fresh thinking and market vision, IBBS was named a Top 50 American Telecommunications Firm by Inc. Magazine in 2008 and one of Georgia’s ‘Fast 40’ Growing Companies in 2010. Learn more about IBBS and its service portfolio at www.IBBS.com.
Wachovia Capital Partners (WCP) is the private equity investing arm of Wachovia Corporation, the fourth largest bank holding company in the U.S. Since the group’s inception in 1988, WCP has invested in excess of $3.5 billion of private equity capital on behalf of Wachovia. WCP’s current investment portfolio is comprised of 43 companies representing roughly $1.4 billion in invested capital. WCP is currently investing out of WCP II, L.P., a $1.8 billion fund. Companies the firm has backed include: Inflow, Inc., Affinity, NuVox Communications, Triton PCS, and MetroPCS.