Following its January restructuring to focus on commercial business, PowerNet Global (PNG), a privately-held service provider based in Cincinnati, announced Thursday that it plans to acquire complementary businesses in 2010 with a goal of sustained annual growth of 25 percent. PNG did not disclose its current annual revenues.
Stuart Chowning, PNG’s business development strategist, told PHONE+ PNG will be looking to purchase service providers that have similar on-net/off-net customer bases as well as VARs, equipment sales/installation and managed service companies.
Chowning said PNG does not know how many companies it will acquire, and it did not disclose how it planned to fund these acquisitions.
“The purpose is to grow revenue, generate new sales opportunities and drive operational efficiencies for the combined entities,” Chowning said. “This is consistent with PNG’s strategy to focus on SMB and enterprise business, but does not preclude the possibility of acquiring similar businesses in the residential space.”
In January, PNG began restructuring its organization and workforce to focus on business, rather than residential, opportunities going forward. The change will have no impact of the company’s current residential customers nor its indirect sales agents selling into the residential market, the company said at the time. PNG will continue to offer its current suite of voice, data and SIP services for residential markets, but will concentrate on developing services and support for the business segment.