ImOn Communications Purchased by Goldman Sachs

Cedar Rapids, Iowa based ImOn Communications (a CBAN Provider Member) is in the process of being acquired by Goldman Sachs Asset Management. The purchase price was not disclosed.

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While ImON has its roots in Cedar Rapids, the company has been focusing on growth over the past several years. In addition to growing its network in and around Cedar Rapids, including the adjoining communities of Marion and Hiawatha, ImOn is in the process of building out FTTP in Dubuque, Iowa City, and Coralville. According to a news release, the Goldman Sachs transactions will give ImOn additional capital to continue their expansion strategy.

"The ImOn team is thrilled to be working with Goldman Sachs. The ImOn difference is our high-quality fiber-optic broadband network, our commitment to providing the highest level of customer service, and our support of the communities we serve.  Goldman Sachs shares our values and supports ImOn’s vision. They will be a great partner to help us implement our ambitious growth plans.” - Patrice Carroll, founder and CEO of ImOn.

ImOn has a strong reputation for excellent service in the communities it serves. It has also been a vital partner for several municipal broadband utilities in Iowa, providing voice services and other capabilities.

The transaction will undergo regulatory approvals and is epected to close sometime in the first half of 2022.