RALEIGH— A board member of Raleigh, North Carolina-based Bandwidth Inc. has sold $1.8 million worth of stock in the communications technology company.

Henry R. Kaestner sold 25,203 shares at a price of $45.04 and another 16,848 shares at a price of $45.03, according to a Form 4 filed with the Securities and Exchange Commission on Aug. 24.

Kaestner, a director of Bandwidth since 2001, now directly owns 2,023 shares of the company.

Kaestner was a cofounder of the company and served as its CEO until 2008. Kaestner is a cofounder and managing principal of Sovereign’s Capital, a private investment firm headquartered in Raleigh, North Carolina, with offices in Jakarta, Indonesia, and Los Gatos, California.

Kaestner was also a founder of Chapel Hill Broadband, a U.S.-based consultant and broker that specialized in dark fiber and large wholesale transactions that was sold to Cantor Fitzgerald

Bandwidth offers voice and messaging services and applications, including a technology that allows businesses to encode access to emergency services within their software. Bandwidth’s clients include Google, Skype and GroupMe.

Since going public in 2017, Bandwidth has consistently beaten analysts’ earnings expectations.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism