Bear Stearns' Constellation Ventures Funds Fast-Growing Broadband National
VERO BEACH, Fla., Jan. 31 /PRNewswire/ -- 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 http://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 http://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
http://www.broadbandnational.com .
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