MegaPath, Covad, Speakeasy Merger Closes
Creates New Communications Powerhouse, Offering a Full Range of Nationwide IP Voice, Security, VPN and Internet Services
SAN JOSE, CA - September 1, 2010 - MegaPath, Covad and Speakeasy today announced regulatory approval and the completion of their merger, creating a next generation Managed Services Local Exchange Carrier (MSLEC). The new company will have relationships with more than 85,000 business customers and over 4,500 partners throughout North America. The combined company will be called MegaPath and will operate one of the largest end-to-end facilities-based IP communications networks in the country.
"For too long in the telecommunications industry, customer service and reliability have taken a back seat," said D. Craig Young, Chairman and CEO of MegaPath. "With the combination of MegaPath, Covad and Speakeasy, we are bringing to market a leading nationwide IP network to deliver a complete line of end-to-end managed services, including voice, data and security. Small, medium and large enterprises will now benefit from a new service provider that is willing to invest in advanced services, while remaining heavily focused on customer service."
With the combination of MegaPath, Speakeasy and Covad, the new MegaPath will provide a complete voice, access, private networking and managed security solution for business customers of all sizes with a turnkey solution for conducting business and communicating with customers, partners and employees. In addition, its leading voice services combine broadband and voice capabilities with Quality of Service (QoS) monitoring for superior call clarity, which is backed up by industry-leading service level agreements (SLAs).
The new MegaPath remains a privately held company. Moving forward, it will serve the market through two divisions: a wholesale operating division and a direct, business markets division. The Company's executive team includes D. Craig Young, former CEO of MegaPath, who now serves as Chairman and CEO; Pat Bennett, former CEO of Covad, as Chief Strategy Officer and Head of Wholesale Markets; and Bruce Chatterley, former CEO of Speakeasy, as President of the Business Markets unit in charge of all non-wholesale customer sales, service and marketing.
Financial terms of the merger were not disclosed.
MegaPath operates one of the largest end-to-end communications networks in the country. In 2010 the company combined with Speakeasy and Covad to form a single company providing a full range of nationwide IP voice, security, and VPN and Internet services. MegaPath helps more than 85,000 businesses of all sizes to easily and securely communicate between their headquarters, employees and business partners to lower costs, increase security and enhance employee productivity. To learn more about MegaPath's managed IP data, voice and security services, please visit www.megapath.com or call 1-877-MegaPath (634-2728).
MegaPath Media Contact:
Welz & Weisel Communications