Florida-based fiber provider IQ Fiber has agreed to acquire ThinkBig Networks LLC.

The acquisition will expand Jacksonville-based IQ Fiber's footprint beyond Florida and into Maryland, where ThinkBig Networks is based.

Financial terms of the transaction were not disclosed, but IQ noted that the deal has been backed by additional equity funding from SDC Capital Partners.

SDC previously acquired a majority stake in IQ Fiber back in 2021 and invested another $150 million last year.

Both companies are similar in that they only provide fiber-optic Internet services.

At present, ThinkBig serves customers in Charles, Kent, Queen Anne’s, and Harford counties in Maryland, and has plans to expand to more locations.

"We have been impressed by what the ThinkBig Networks team has been able to achieve across its markets in Maryland,” said Ted Schremp, CEO of IQ Fiber. “We look forward to working with Dee Anna and her team to bring competition, choice, and a streamlined customer experience to even more communities across the Chesapeake Bay Region.”

“Joining forces with IQ Fiber will allow us to accelerate our network deployment and leverage the success of a larger platform,” added Dee Anna Sobczak, CEO and co-founder of ThinkBig Networks.

The deal is subject to regulatory and other approvals, but IQ Fiber expects the acquisition to close in the "next several months."

IQ Fiber is currently constructing its fiber network in Savannah, Georgia, which it notes will be able to deliver symmetrical speeds of up to 10Gbps.