Jacksonville, Fla., Nov. 22, 2024 (GLOBE NEWSWIRE) -- IQ Fiber, a Jacksonville, Florida based provider of 100% fiber-optic internet service, announces it has reached a definitive agreement to acquire ThinkBig Networks, LLC, a Maryland-based provider of 100% fiber-optic internet service. The acquisition marks a significant milestone in IQ Fiber’s continued expansion and is backed by additional equity funding from SDC Capital Partners.
"We have been impressed by what the ThinkBig Networks team has been able to achieve across its markets in Maryland,” said Ted Schremp, CEO of IQ Fiber. “We look forward to working with Dee Anna and her team to bring competition, choice and a streamlined customer experience to even more communities across the Chesapeake Bay Region.”
ThinkBig Networks currently serves customers in Charles, Kent, Queen Anne’s and Harford counties in Maryland with additional expansion planned.
“Joining forces with IQ Fiber will allow us to accelerate our network deployment and leverage the success of a larger platform,” said Dee Anna Sobczak, CEO and Co-Founder of ThinkBig Networks. “IQ Fiber’s complementary culture, vision and strategy will ensure a seamless transition for our customers and further strengthen our position as Maryland’s premier fiber-optic internet service provider.”
Clinton Karcher of SDC Capital Partners, noted, "The strategic expansion of IQ Fiber, bolstered by the acquisition of ThinkBig Networks, underscores our confidence in the IQ Fiber team and their vision to bring a modern internet choice to the market. Our ongoing partnership and additional capital commitment is a testament to the company’s trajectory and ability to execute."
The transaction is subject to regulatory and other approvals and is expected to close in the next several months.
IQ Fiber’s 100% fiber-optic network, which is currently deployed across North Florida and is under construction in Savannah, Georgia, is capable of symmetrical speeds of up to 10 gigabits per second ensuring customers can meet the growing demands of modern internet usage.
Recently recognized by Ookla® as the provider of the Fastest Speeds and Top Internet Service in Jacksonville, IQ Fiber offers simple month-to-month plans with no contracts, fees, surcharges, or surprise price increases.as well as a user-friendly app to manage the increasing number of devices in the home, ensuring a stress-free, reliable internet experience.
Massumi + Consoli LLP acted as legal counsel to IQ Fiber and SDC Capital Partners along with Morgan, Lewis & Brockus, LLP. Q Advisors acted as financial advisor to ThinkBig Networks and Rifkin, Weiner, Livingston acted as legal counsel along with Comm Law Group and Zarren Law Group.
IQ Fiber is a rapidly expanding, Jacksonville, Florida based fiber-optic internet service provider. IQ Fiber delivers a seamless customer experience and provides the fastest and most reliable internet access, all while maintaining a 4.8-star rating on Google with 1,200 reviews. Building on its success in North Florida, it continues to transform the broadband market with an expanded footprint now covering four major metro areas: Jacksonville, Gainesville and Alachua County (Florida), Savannah (Georgia) and the Chesapeake Bay Region (Maryland). For more information visit www.iqfiber.com.
ThinkBig Networks is a fiber-optic internet service provider serving Charles, Harford, Kent, and Queen Anne’s County, Maryland. The company delivers fast and reliable symmetrical speeds with no usage or data caps to neighborhood homes and businesses with outstanding customer service delivered by a local team. For more information visit https://www.thinkbignets.com/
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