Business

Gray's SecurityCoverage acquired by NeoNova

A North Carolina company purchased Cedar Rapids-based SecurityCoverage. Businessman and local investor Steve Gray no longer serves as its chief executive, he says. (The Gazette)
A North Carolina company purchased Cedar Rapids-based SecurityCoverage. Businessman and local investor Steve Gray no longer serves as its chief executive, he says. (The Gazette)

CEDAR RAPIDS — Cedar Rapids-based SecurityCoverage has been acquired by a North Carolina company, the companies announced on Monday.

SecurityCoverage will continue to operate as a wholly owned subsidiary of NeoNova, which is based in Raleigh, N.C., and maintain its headquarters at 6060 Huntington Court NE in Cedar Rapids, according to a news release.

Terms of the deal were not disclosed.

SecurityCoverage, which was founded in 2003 and first funded and incorporated in 2005, provides help desk support for more than 350 small to medium-sized telephone and cable companies.

NeoNova sells help desk, network engineering and revenue-building services to more than 260 rural broadband affiliates in 46 states.

“NeoNova’s mission and values align perfectly with our own. We’re excited about the long-term growth opportunities this provides our employees and communities and believe this better positions us to serve our customers by delivering even more value to them,” Steve Gray, SecurityCoverage CEO, said in a news release.

Gray said the deal could enable SecurityCoverage to grow and add employees.

Gray no longer will be part of the company, but the management and the rest of the staff are expected to remain in place. Jon Bartleson will serve as SecurityCoverage president.

SecurityCoverage has 160 employees, and NeoNova, whose parent company is National Rural Telecommunications Cooperative, has 250 employees.

l Comments: (319) 398-8310; brian.morelli@thegazette.com

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