ExteNet Systems Closes Equity Financing Round
Feb 02, 2010 (Close-Up Media via COMTEX) --
ExteNet Systems, Inc., announced the closing of a new round of equity financing with SSP Offshore, an affiliate of Soros Fund Management (SSP), SBA Communications Corp. (SBA), as well as all five of the company's existing institutional investors.
With participation from Centennial Ventures, Columbia Capital, Sevin Rosen Funds, CenterPoint Ventures and Palomar Ventures, the investment in this round of financing totals $128.4 million, according to a release.
The transaction included the transfer of SBA's distributed antenna systems subsidiary business, SBA DAS Holdings, with operations principally located in the metropolitan areas of the northeastern United States. The company said the additional financial and operational resources will support ExteNet's continued development of infrastructure for wireless service providers.
"The wireless industry is facing tremendous customer demand for new wireless services including expanded data, text, video, and voice applications. All of these demands are creating strains on the wireless service providers' networks," said ExteNet's Chairman and Chief Executive Officer Ross Manire. "This investment and the assets from SBA will allow us to significantly grow our business in a manner that supports wireless companies' development of more robust and efficient networks."
"Since we first entered the DAS business in the fall of 2008, we have been seeking to materially increase our investment and capabilities in DAS," said Jeffrey A. Stoops, SBA's President and CEO. "Today we have accomplished that with our investment in ExteNet. We have had the pleasure of knowing and admiring Ross Manire and his team for years. ExteNet is a best in class DAS provider, with superior capabilities, technology, experience and project success. SBA will work closely with ExteNet to provide comprehensive customer solutions, and our goal is to provide increased investment to ExteNet over time as required."
According to a release, SSP, which led this round of financing, focuses on capital-intensive start-ups, buyouts and growth equity transactions. SSP noted it seeks to acquire assets that can generate cash flows.
In connection with the transaction, David K. Wassong, managing director, and Waldemar Szlezak, principal, both in the Private Equity Group at Soros Fund Management, have joined ExteNet's Board of Directors.
Citigroup acted as ExteNet's sole placement agent and financial advisor for the transaction.
((Comments on this story may be sent to firstname.lastname@example.org))
[ Back to the Next Generation Communications Community's Homepage ]