Managed Network Services Acquisition: Segra Buys NorthState
Segra of Charlotte, North Carolina, is one of the largest fiber bandwidth operators in the eastern United States. The firm’s fiber infrastructure network is more than 23,000 miles. It connects more than 9,000 locations and six data centers across nine states.
NorthState of High Point, North Carolina, offers consumer and business services — with a growing focus on data center colocation, customized cloud and IT solutions, managed disaster recovery services, managed security and unified communications.
NorthState’s net operating revenue for the first six months of 2019 was $66.9 million, up 12 percent compared to the first six months of 2018 period. Net income was $6.5 million for the first six months of 2019, compared to $3.3 million for the first six months of 2018.
Describing the M&A deal, Segra CEO Tim Biltz said:
“Both NorthState and Segra have great histories of infrastructure, innovation and service. Customers and businesses throughout our service area will benefit from an expanded network, enhanced products and a superior customer experience as a result of this transaction.”
Added Royster Tucker III, president and CEO of NorthState:
“We are excited to announce this transaction with Segra. We believe the combination of our businesses will deliver immediate and compelling value for NorthState’s shareholders and customers. Segra is an outstanding company that will continue to grow our network footprint in the Piedmont Triad Region of North Carolina and provides a great fit for our growing IT services business. I would like to extend my sincere appreciation to all of the NorthState employees whose dedication, support and hard work have made our success possible. I would also like to thank our customers and shareholders for their support and loyalty over our long history.”
NorthState’s history stretches back to 1895 when the company began operations as High Point Telephone Exchange.