Covad: GoBeam purchase to hasten VoIP launch
Covad Communications Group said it will put up $48 million in stock to acquire closely held VoIP services provider GoBeam Inc.
In February, Covad jumped on the IP telephony bandwagon, announcing plans to offer the service to consumers and businesses by the fourth quarter of 2004. The purchase of GoBeam will only accelerate those plans, said Covad.
GoBeam presently has upwards of 13,000 VoIP phones in operation serving business customers in California and Chicago, Ill. The company's hosted IP platform features advanced PBX capabilities without the need for PBX hardware to be installed at the customer location.
"Our acquisition of GoBeam not only accelerates Covad's entry into the growing VoIP market, but it also is a major step in transforming Covad from a broadband company into an integrated voice and data communications provider," said Charles Hoffman, Covad president and chief executive officer, in a release.