Provo » Broadweave Networks is becoming Veracity Networks.
David Moon, Broadweave's chief executive, and Drew Peterson, his counterpart at Veracity Communications, announced Tuesday the two companies are merging.
Broadweave acquired the troubled iProvo network from the city in 2008. Under the deal, Broadweave would pay off the city's $39.6 million bond for the network. Since November, Broadweave has relied on a $6 million surety deposit to cover the payments.
Moon and Peterson said the merger plays on Veracity's strengths in marketing and servicing commercial customers and Broadweave's technical expertise and customer service.
Moon said the new company wants the Municipal Council to restructure the timeline in a manner to let it defer some of the current payments in order to build a cash reserve to cover growth.
Council Vice Chairwoman Sherrie Hall Everett said she was optimistic the merged company will be able to successfully operate the network.
