Chestertown, Md.-based ThinkBig Networks, a provider of rural broadband services, has been acquired by Jacksonville, Fla.-based IQ Fiber, creating a fiber-optic internet company with operations in parts of three states — Maryland, Florida and Georgia.
The acquisition, announced last November, was backed by additional equity funding from New York-based SDC Capital Partners. Financial terms of the transaction were not disclosed.
Subsequent to the acquisition, ThinkBig will be rebranded as IQ Fiber, with the combined company planning to accelerate network expansion in Maryland. ThinkBig co-founder and CEO Dee Anna Sobczak was named senior vice president of the company’s Chesapeake Region.
“ThinkBig Networks is a natural fit to join IQ Fiber,” said Sobczak, who previously held a senior position at Verizon-acquired CSS Antenna. “We look forward to leveraging the strength and resources of the IQ Fiber brand to further accelerate our network deployment.”
Founded in 2016, ThinkBig aimed to solve the digital divide by providing fiber-optic services by partnering with local, state and federal government to bring internet services to unserved and underserved areas of Maryland. It currently provides internet services in Charles, Kent, Queen Anne’s and Harford.
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“ThinkBig Networks has done an impressive job deploying its modern, 100% fiber-optic network in Maryland,” said IQ Fiber CEO Ted Schremp, a former TiVo executive. “We look forward to bringing competition, choice and a streamlined customer experience to even more communities as we leverage the collective strengths of the IQ Fiber and ThinkBig teams.”
Starting with North Florida, IQ Fiber has expanded over the years to Jacksonville, Gainesville and Alachua counties of Florida. It is building networks in Savannah, Ga., and the Chesapeake Bay Region in Maryland. IQ Fiber said its 100% fiber-optic network offers speeds of up to 10 gigabits per second, with its service in Jacksonville, Fla., rated the fastest by speed-test firm Ookla.
Founded in 2017, New York-based SDC Capital Partners focuses on digital infrastructure investments. It manages about $7.3 billion of institutional capital. The firm is led by founder and managing partner Todd Aaron, who began his career at investment bank Wasserstein Perella & Co. He is also the founder of Sentinel Data Centers.
