Battery Ventures Leads $100M Equity Investment in Pocket Communications.WALTHAM, Mass. & MENLO PARK Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif. -- Battery Ventures, a venture capital and private equity firm investing in technology and innovation worldwide, today announced that it led a $100M equity investment in Pocket Communications Northeast, a provider of flat rate, unlimited use wireless voice and data services. Pocket CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Paul Posner and Charles River Charles River River, eastern Massachusetts, U.S. The longest river wholly in the state, it flows into Boston Bay after a course of about 80 mi (130 km). Navigable for about 7 mi (11 km), its estuary separates the cities of Boston and Cambridge. Ventures also participated in this financing. Pocket Communications currently operates in Texas and will use this financing to establish and launch Pocket Northeast, which will provide flat rate, unlimited use wireless services in Northeast Corridor This article is about a rail line. For the agglomeration of metropolitan areas, see BosWash. For the New Jersey Transit line, see Northeast Corridor Line. The Northeast Corridor (NEC markets including Hartford and New Haven New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , CT, Springfield and Pittsfield, MA, and Poughkeepsie, NY. "We're pleased to have secured this equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. in what is clearly a challenging financing market," said Paul Posner, President & CEO of Pocket Communications. "Our investors recognize the compelling opportunity offered by an affordable, flat rate, unlimited use wireless service and are confident based on our execution to-date that we will build out the network quickly and keep customers in our target markets satisfied." In conjunction with the financing, Battery Partner Matt Niehaus and Charles River Ventures General Partner Jon Auerbach join Pocket Northeast's board of directors. Bank Street Group served as exclusive financial advisor and placement agent in connection with the financing. "Pocket is really changing the unlimited wireless game, which has been successful against legacy wireless providers but mostly limited to single market footprints for many years," said Matt Niehaus, Partner, Battery Ventures. "With the Pocket Northeast launch, the company will push beyond the norm and establish a broad footprint unlimited use network, serving consumers and business users across multiple markets. It's an ambitious plan, and we believe the company has the right ingredients to be successful: a smart strategy, a sound operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. , an experienced management team, and a tremendous opportunity to expand the market for flat rate unlimited wireless." "We are pleased to have been able to match a visionary company with a tenacious te·na·cious adj. 1. Clinging to another object or surface; adhesive. 2. Holding together firmly; cohesive. tenacious viscid; adhesive. focus on execution with two of the most capable communications private equity investors in the business," said Richard S. Lukaj, Senior Managing Director at Bank Street. About Pocket Pocket Wireless offers a flat rate service which allows customers to place and receive unlimited wireless calls within a local service area for a flat monthly fee without the burden of the one or two year contract typically required by traditional wireless companies. Pocket Wireless' parent company, Pocket Communications, debuted in Texas in 2005, and is Texas' fastest-growing flat-rate wireless company, with more than a quarter of a million subscribers. For more information, please visit www.pocket.com. About Battery Ventures Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company's life, from start-up and expansion financing, to growth equity and buyouts. Battery has supported many breakthrough companies around the world. From offices in Boston, Silicon Valley and Israel, Battery currently manages nearly $3B in committed capital. For more information, visit www.battery.com. About Charles River Ventures Founded in 1970, Charles River Ventures (CRV CRV Curve CRV Crew Return Vehicle (NASA) CRV California Redemption Value CRV Cassa Di Risparmio Di Vignola (Italian bank) CRV Call Reference Value (telecommunications) ) is one of the nation's oldest and most successful early-stage venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] with approximately $2.1 billion presently under management. CRV is dedicated to helping exceptional entrepreneurs turn their ideas into the next category leaders in high growth technology and media sectors. Over the past 10 years, CRV funds have been ranked among the industry's top performers. CRV has offices in Boston, MA and Menlo Park, CA. For more information, visit www.crv.com. About Bank Street Bank Street is a private investment banking firm providing a comprehensive array of financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . Our senior professionals have originated, structured and executed more than $250 billion of financial and strategic transactions and are dedicated to bringing the breadth and depth of this experience to bear to the benefit of our clients. With a portfolio of capabilities that includes Financial Advisory, Mergers & Acquisitions, Private Placements of Debt & Equity, Restructuring & Turnaround Advisory, Valuation and Fairness Opinions Fairness Opinion A report put together by qualified analysts or advisors providing to key decision makers an evaluation of and facts about a merger or acquisition. Notes: A fairness opinion serves as a document used for guidance in a merger, takeover, or acquisition. , Bank Street offers a full complement of services for our corporate and institutional clients. For more information, visit www.bankstreetgroup.com. |
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