Everest Broadband secures financing

Jan. 3, 2001
Everest Broadband Networks announced it has completed its third round of financing with Exelon Capital Partners as the lead investor. Other major contributors to the round are Everest seed shareholders Pequot Capital Management and SOFTBANK Venture Capital.

Everest Broadband Networks announced it has completed its third round of financing for $50M with Exelon Capital Partners as the lead investor. Other major contributors to the round are Everest seed shareholders Pequot Capital Management and SOFTBANK Venture Capital.

Everest provides in-building broadband and user applications services to multi-tenant unit (MTU) buildings in North America, with an average buildings-under-contract growth rate of a million square feet per day since the company's start in early 2000.

Exelon Capital Partners, the corporate venture capital subsidiary of Exelon Corporation, was formed through the merger of Peco Energy Company and Unicom Corporation. Exelon focuses on high-growth opportunities in otherwise unregulated service, building on its earlier thrust in the telecommunications industry.

"We expect increasing consolidation over the next six months in local broadband, including the building-centric carrier space," said telecommunications analyst Cannon Carr of CIBC World Markets. "During this period we expect well-managed carriers to make opportunistic acquisitions as several of their peers face funding issues or weak execution.�

On August 14, 2000, Everest announced its acquisition of Metrocomm International Inc., a building telecommunications provider with a broad and profitable customer base throughout the New York region. At that time, the company unveiled a growth strategy that combined internally driven growth with the selective acquisition of regional providers with the technical foundation to build a large, profitable organization.

Everest attributes its success to three key factors: 1) its building selection criteria; 2) its capex-attractive, flexible network architecture, built around its in-building Intelligent Service Node (ISN) and proprietary middleware; and 3) its service array and commitment to customer care.

About Everest Broadband Networks:

Everest Broadband Networks provides high-speed Internet access, long-distance telephone service, digital broadcast satellite TV and related broadband applications in multi-tenant commercial and hotels.

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