Tuesday, February 9, 2016

Telnes Broadband Acquired By GTT

Everett, Washington-based Telnes Broadband, a provider of Internet and managed services, has been acquired by Virginia-based GTT Communications. GTT said it paid $18M for Telnes, split between $15M in cash and $3M in common stock. Telnes had revenues of approximately $17M in 2015, according to the companies. Telnes was founded and led by Jason Ness; the company was advised by Q Advisors LLC in the acquisition.