Broadweave and Veracity merge

PROVO — Broadweave Networks and Veracity Communications officially became Veracity Networks on Friday.

The companies announced plans to merge earlier this year as part of a deal to shore up Provo's beleaguered iProvo fiber-optic network, which Broadweave purchased in 2008 as part of a $40.6 million deal.

Drew Peterson, chief executive of Veracity Networks, said the new company will make it possible to improve service in a variety of areas. "Combining our two companies will provide customers with the highest Internet speeds and the best in customer service," Peterson said.

The company also announced upgrades in the system planned for the next four months, including new data features and an increase in the number of high-definition video channels offered by the company, which offers Internet, telephone and cable television service.

Provo recently restructured Broadweave's monthly payment schedule anticipating that the proposed merger would improve the company's profitability.

— Marc Haddock