Local tech company expands after buyout
A local telecommunications company grew recently when it bought the assets and existing contracts of a local competitor.
Mount Jackson-based Cornerstone Technology Services announced it was buying existing contracts for the telecommunications and security service divisions from the recently shuttered Broadway Electric Inc.
Founded in 2006, Cornerstone has provided network management services, telecommunications and alarm services for a mixture of private businesses and government entities in the commonwealth and West Virginia.
Cornerstone President David Moore said the buyout would give easier service to clients for both companies.
“We had mutual clients, because we do network management, so we had some clients where we were taking care of the telecom or data side of the house and Broadway had put in the telephone system or something,” he said.
Moore added, “It makes it easier for the customers because they’ll have one source to call to take care of all your needs.”
For customers, the transition has “been very smooth,” Moore said.
“Clients were made aware of it immediately because it was to their benefit to know they still had consistent support for their security system monitoring,” he said.
For former employees of Broadway, the acquisition has given them a second shot at remaining in the same industry.
“I don’t how many people they had initially because they had already cut some people loose, but the people who desired to transition were able to transition over to Cornerstone,” Moore said.
Prior to the acquisition, Cornerstone focused more on data management and security systems, Moore said.
“The sale tips the balance to provide a more rounded base for telecom, because while we did telecom work it was a smaller portion of our business,” he said. “I’d say now, it balances out more evenly.”
Contact staff writer Henry Culvyhouse at 540-465-5137 ext. 184, or firstname.lastname@example.org