Atlanta, GA – May 15, 2013 – Birch Communications, a leading IP-based communications and cloud services provider to small- and medium-sized businesses, announced today that it has signed an asset purchase agreement to acquire select customer and network assets from Lightyear Network Solutions, Inc. (“Lightyear”). Lightyear, which is currently traded under the symbol LYNS, is an established provider of data, voice and wireless telecommunication services to business and residential customers throughout North America. This transaction marks the 18th acquisition for Birch since 2006, and is expected to close in the third quarter of this year.
“This acquisition strengthens the breadth and scope of the Birch IP-Network. Lightyear’s Metaswitch-based facilities network, Hosted-PBX offering, and switching center in Lexington, Ky., complement our current business operations,” said Vincent M. Oddo, Birch president and CEO. “In addition, several new markets within Kentucky will be added to our network footprint which will expand our overall Birch IP-Network to 11 states. Following this acquisition, Birch will be providing service to customers in all 50 states and the District of Columbia.”
“The addition of these assets, which are natural extensions to our current Birch products and services, greatly enhance our Hosted PBX, SIP trunking, VoIP-based services and Carrier Services (wholesale) product offerings,” said Chris Aversano, Birch chief operating officer. “We also look forward with great enthusiasm to welcoming the Lightyear customers, employees and dealers into our Birch family and introducing them to our award-winning customer care team, as well as our expanding portfolio of IP-based services.”
“Birch is a solid and well respected company, with a real focus on customer service,” said Steve Lochmueller, CEO of Lightyear Network Solutions. “The combination of Birch’s network, award winning customer support and financial strength will give our customers options to satisfy all of their communication needs.”
The proposed transaction is subject to Lightyear shareholder approval, customary regulatory approvals, and other closing conditions.
Vik Grover, CFA and Senior Managing Director for Source Capital Group, Inc. is serving as an advisor to Birch during this acquisition process.
