West Coast gigabit fiber-optic network and broadband services company Wave says it has raised $130 million to build its fiber network footprint. The company raised the funds via a corporate bond sale led by Deutsche Bank and supported by Wells Fargo, Sun Trust, and RBC Daniels. Wave also announced a new executive team to spend the money.
The company has already decided on the outlines of its expansion. The plans include:
- Expansion into areas surrounding Seattle, Portland, and San Francisco with the addition of more than 1,500 route miles of fiber cable this year
- Completing redundant fiber rings that serve such California markets as Concord, San Jose, Sacramento, and San Francisco with virtual cross-connect services to multiple Bay Area data centers
- Extending its residential gigabit Internet service to more than 10,000 residents this year in Seattle, with expansion to San Francisco and other markets starting this year
- Introducing new business services such as hosted PBX and co-location facilities to its existing IP transport and virtual cross-connect products
- Beefing up the company’s construction organization to support network expansion in California, Oregon, and Washington markets.
Wave says it has hundreds of fiber build projects either planned, permitted, or under construction.
Meanwhile, company founder and CEO Steve Weed has named longtime Wave executive Steve Friedman as the new executive vice president of fiber design and construction. Weed also has tapped Harold Zeitz to become president and COO.
"We are thrilled to accelerate our fiber expansion with this additional funding and announce the new roles for Steve Friedman and Harold Zeitz. This furthers our commitment to provide business clients with carrier-class service, and residential customers with the fastest internet speeds at a great price, all backed by exceptional local customer service," said Weed. "Wave is uniquely positioned to deliver these services as a local, profitable, and fast-growing company with more than a decade’s history, 1,000+ employees and annual revenue in excess of $350 million."
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