OnFiber secures new financing
July 6, 2004 Austin, TX--Metro network service provider OnFiber Communications, Inc., has completed a $12 million Series C private equity financing raised entirely from current investors Kleiner Perkins Caufield & Byers, Bear Stearns Merchant Banking, and Telesoft Partners.
July 6, 2004 Austin, TX--Metro network service provider OnFiber Communications, Inc., has completed a $12 million Series C private equity financing raised entirely from current investors Kleiner Perkins Caufield & Byers, Bear Stearns Merchant Banking, and Telesoft Partners. These funds will be used to support the company's growth strategy through targeted asset acquisitions and network expansion related to the continued deployment of AdaptiveBuild custom network infrastructure solutions.
"This financing represents an important milestone for OnFiber," said Danny Bottoms, president and chief executive. "It gives us additional capital to support our acquisition and network expansion plans, and more importantly, it is validation of the success that OnFiber has worked hard to achieve over the past five years. In difficult times, we have spent our time and money wisely, building the best networks with an experienced, customer-driven team that is second to none."
The acquisition of C2C Fiber's assets, announced last month, was an initial step in the expansion plan. The C2C Fiber assets provide OnFiber a strong presence in a key market by adding over 350 route miles throughout the Boston metropolitan area. OnFiber will continue to actively pursue other such opportunities throughout the coming year.
"We are pleased to participate in this third round of funding. OnFiber continues to post excellent results and we have confidence in the company's strategy and future," said Robert Juneja, a principal with Bear Stearns Merchant Banking. "With its last equity financing raised nearly four years ago, the OnFiber team has continually grown the business in a very challenging environment."