Wachovia Capital Partners Joins Integrated Broadband Services as Equity Partner

Wachovia Capital Partners Joins Integrated Broadband Services as Equity Partner

CHARLOTTE, N.C., Feb. 14 /PRNewswire-FirstCall/ -- Wachovia Capital Partners, the private equity arm of Wachovia Corporation (NYSE:WB), has acquired a majority stake in Kennesaw, Georgia-based, Integrated Broadband Services, LLC (IBBS). IBBS is a leading provider of operational support software and back office services for cable and broadband operators located in the United States and abroad. The company's current management, including co- founders Michael Ingram and Rob Buckfelder, will retain a sizeable equity position in the company and continue running day-to-day operations.

CEO Buckfelder commented, "Our management team is excited to partner with Wachovia Capital Partners as we continue to expand on our already successful growth record. My long-term relationship with the partners at Wachovia Capital Partners, respect for their media and cable expertise and their capacity to fund the continued growth of IBBS, made them a logical choice for this partnership."

Wachovia Capital Partners Managing Partner Watts Hamrick further acknowledged the strong partnership. "Rob has had a successful career as a banker, manager/operator and now entrepreneur and has previously worked with us in several existing portfolio companies. We are excited about the opportunity to invest alongside Rob and his team, and look forward to assisting them as we grow IBBS into an international software and services provider for the communications industry."

About Integrated Broadband Services:

Integrated Broadband Services, LLC is a leading provider of outsourced network management, engineering, customer care, and technical support solutions for broadband services providers (BSPs) located in the United States and abroad. The Company's managed service offerings address the unique challenges and complexities that BSPs face in scaling business processes and technology in growth environments, thus enabling them to operate efficiently and to develop profitable subscriber relationships.

http://www.ibbsonline.com/

About Wachovia Capital Partners:

Wachovia Capital Partners (WCP) is the private equity and mezzanine investing arm of Wachovia Corporation, the fourth-largest bank holding company in the United States. Since WCP's inception in 1988, it has invested over $3 billion in capital in over 200 middle market companies and has generated consistently high returns on invested capital. WCP's current investment portfolio is nearly $1 billion and WCP expects to invest $250 million to $350 million annually. As a result, WCP can provide its portfolio companies with significant capital both at the time of initial investment and in support of future growth opportunities.

http://www.wachoviacapitalpartners.com/

About Wachovia:

Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 21 states with 3,375 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 750 offices in 47 states and service affiliate offices in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in all 50 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. At December 31, 2006, Wachovia had assets of $707 billion and market capitalization of $108 billion.

First Call Analyst: Alice Lehman
FCMN Contact: debra.campbell@wachovia.com

Source: Wachovia Corporation

CONTACT: Kasey Emmel of Wachovia Corporation +1-858-909-1335

Web site: http://www.wachovia.com/
http://www.wachoviacapitalpartners.com/
http://www.ibbsonline.com/

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