Zayo Bandwidth said it has signed an agreement to buy Indiana Fiber Works (IFW), in Indianapolis, Ind. In the past month, Zayo completed the acquisition of two other networks and announced the pending acquisition of a third.
The combination of the four networks will give Zayo a reach that extends through parts of the Northeast, Tennessee, Indiana, and Minnesota; it will represent $125 million of annual revenue and 8,400 route miles of fiber.
Zayo purchased the former PPL Telcom, a 4,600 fiber-route-mile network based in Allentown, Pa., which covers areas throughout the Northeast; and Memphis Networx, a 200 fiber-route-mile network serving the greater Memphis, Tenn. area. Both were acquired under Zayo Bandwidth's holding company name, Communications Infrastructure Investments (CII). Zayo also has definitive agreements to acquire Onvoy Inc., of Minneapolis, Minn.
Zayo is led by Dan Caruso and John Scarano, both formerly with ICG Communications and Level 3 Communications. Zayo Bandwidth has access to $225 million from several high-profile venture capital firms, including Columbia Capital, M/C Venture Partners, Oak Investment Partners, Battery Ventures and Centennial Ventures.