Leading Comparative Shopping Website for Broadband Related Services and Products Such as High Speed Internet, VoIP and Cable TV
WAYNE, Pa.--(BUSINESS WIRE)--Safeguard Scientifics, Inc. (NYSE:SFE), a holding company that builds value in growth-stage technology and life sciences companies, today announced that it led a $9.7 million financing round to obtain an $8 million stake in Broadband National Inc., an internet media company that operates a network of shopping websites focused on digital services and products such as high speed internet, digital phone, VoIP, digital TV and music. Existing investors Constellation Ventures II, a Bear Stearns Asset Management venture capital fund that focuses on media, communications and technology companies, and select angel round contributors, also participated in this round. The proceeds will help Broadband National expand into new vertical markets, continue development of its technology platform, pursue selective acquisitions and provide partial liquidity to a founder.
With offices located in Vero Beach, FL and Atlanta, GA, Broadband National was founded in 2003 to clarify a fragmented and confusing digital services marketplace by supplying a simplified shopping experience through unique content, education and comparison services to end users. Residential and small business customers can use Broadband National’s Integrated Broadband Information System (IBIS) technology platform to compare thousands of digital services offerings from more than 50 key advertisers. Broadband National’s advertising partners include an impressive list of market leaders including Comcast, AT&T, Charter, Real Networks, Vonage, Qwest, Time Warner, and Verizon.
“As our ninth technology partner company, Broadband National expands upon the number of companies that fall within the Internet-based business concentration of Safeguard’s strategic focus,” said Peter J. Boni, President and CEO of Safeguard. “Broadband National’s technology platform provides a single point of contact for consumers, exposing them to a wide range of digital service providers with a single interface. This reinforces Safeguard’s objective, to find the entrepreneurs, give them the growth capital, operational support services and strategic guidance required to build a great company. We welcome Broadband National to the Safeguard team.”
“Broadband National participates in the growing customer generation segment of the overall market for digital services in the United States, including broadband internet access, cable and satellite TV, IPTV, music, and VoIP, which has been projected to grow to $10 trillion by 2014,” said John A. Loftus, Executive Vice President and Managing Director of the Technology Group at Safeguard. “Broadband National’s IBIS technology platform facilitates the rapid release of emerging digital services such as VoIP, digital music downloads and satellite radio. Over time, we anticipate additional services to migrate to the digital domain. Broadband National will be well positioned to take advantage of this broader market opportunity.”
“As part of this financing round, we were looking for a strategic partner that would support our strategy to augment our organization through vertical market expansion and growth via organic growth and selected acquisitions,” said Vinny Olmstead, President and CEO of Broadband National. “Safeguard’s ability to provide strategic guidance along with operational and management resources will enable us to achieve our goals and ultimately build value for our advertisers and customers.”
As part of this transaction, Kevin L. Kemmerer, Senior Vice President of the Technology Group at Safeguard, has joined Broadband National’s Board of Directors.
About Broadband International Inc.
Broadband National with offices in Vero Beach, FL and Atlanta, GA, is the leading comparative shopping website for digital services and products such as high speed internet, VoIP and digital TV. With the leading digital service providers integrated into one technology platform, Broadband National provides the only nationwide solution to both residential and small business customers. Broadband National’s proprietary IBIS technology platform; integrated operating processes; API engine; and leading personnel expertise enable customers to access objective digital comparisons, including service offers, product offers, and guaranteed lowest pricing. Backend integrations with leading advertising clients such as AT&T, Qwest, Time Warner, Comcast, Covad, and Verizon assures the end customers real time information to make choices for thousand of digital services. Broadband National also licenses its content and IBIS technology platform to retailers, third party call centers, service providers, VoIP suppliers, and third party websites. www.broadbandnational.com
About Safeguard
Safeguard Scientifics, Inc. (NYSE:SFE) builds value in growth-stage technology and life sciences businesses. Safeguard provides growth capital as well as a range of strategic, operational and management resources to our partner companies. Safeguard participates in expansion financings, corporate spin-outs, management buyouts, recapitalizations, industry consolidations and early-stage financings. www.safeguard.com
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