Company also acquires Montreal’s Openface to help build SME services
TORONTO — ISP Beanfield Technologies announced Monday it has acquired Montreal-based Openface, a provider of fibre-based telecom services primarily to small and medium-sized businesses and enterprise customers.
Financial terms of the private transaction were not disclosed in Beanfield’s news release. The acquisition was funded through an equity commitment from Digital Colony Partners, which made a substantial investment in Beanfield in October 2019, the release says. (In November 2019, Beanfield Technologies announced it was being acquired by Digital Colony for an undisclosed sum.)
Openface serves a diversified customer base across Montreal through a portfolio of 100 kilometres of owned fibre, more than 200 on-net buildings, and more than 3,000 near-net buildings, the release says. The company maintains its own construction and installation team, which has given Openface a reputation for expertise in fibre construction and experienced domain knowledge of Montreal and the city’s buildings, the release adds.
As part of the acquisition, Openface’s employees will join Beanfield and the company will maintain its current location in Montreal, providing Beanfield with an additional presence in the city.
“We are excited to join forces with Openface and expand our presence into Montreal,” said Dan Armstrong, CEO of Beanfield, in the news release. “This acquisition will allow us to meet our customers’ growing connectivity needs as data speed and reliability become increasingly critical to business operations. Furthermore, the combined larger business will ensure customers in Canada’s two largest markets can access our best-in-class fibre solutions.”
Steven Sonnenstein, managing director at Digital Colony, added: “Our goal at Digital Colony is to support connectivity around the world through our portfolio of digital infrastructure companies. Beanfield’s acquisition of Openface immediately scales its operations in Montreal. We are excited to back Beanfield on this important transaction and to work with the company as it takes this next step forward.”
In a second news release Monday, Beanfield announced it’s reducing the Internet offerings available to its Toronto customers down to a single “One for All” 1 Gbps service for $50 per month.
Beanfield is removing its current Internet packages to make way for the One for All package that comes with no time limits and no additional fees. The company says it will no longer offer its standard 250 Mbps and 500 Mbps packages.
“We want to make it simple for Torontonians to connect. Our new offering means getting the best service for the best value with no gimmicks, no limited time offerings — just fast speeds at a fair price. Not to mention, we do all of this while continuing to invest in our infrastructure and networks at no additional cost to our valued customers,” says Dan Armstrong, CEO and CTO at Beanfield Metroconnect, in the release.
Beanfield says its One for All package helps it to stand out among competitors who offer similar 1 Gbps Internet packages for more than $100.
“We value out customers and our community,” Armstrong adds. “We choose to show it with our offerings like this, leading by example of how simple it really should be.”
The One for All package is available to all Beanfield customers starting today.
