Conversent Communications Acquires REON Broadband Corporation; Communications Provider Secures Additional $9 Million in Equity.Business/Technology Editors MARLBORO Marlboro or Marlborough (märl`bərō), city (1990 pop. 31,813), Middlesex co., E Mass.; settled on the site of a Native American village 1657, inc. as a city 1890. , Mass.--(BUSINESS WIRE)--Aug. 12, 2002 Conversent Communications, an Integrated Communications Provider, today announced it has acquired REON Broadband, Inc., a leading provider of in-building broadband solutions for businesses throughout New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. . As a part of the acquisition, Conversent received a $9 million investment from Seaport Capital Seaport Capital is a New York City-based private equity fund that invests in media, communications & business and information services companies. Most of the properties they own are concentrated in medium and small markets, ranging from television stations to cable operators, as and BancBoston Ventures, REON's financial partners, and private investors. Since 1998, Conversent has raised $229 million in financing from sources including FleetBoston Financial FleetBoston Financial was a Boston, Massachusetts-based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were given the Bank of America logo. , CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Lending Services, GE Capital and private investors. This latest investment in Conversent will be used for funding future network and customer growth. "This acquisition further builds upon the tremendous growth we have experienced in recent years," said Rob Shanahan, President and 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. of Conversent Communications. "Given the current state of the market, and more specifically the telecommunications industry, this acquisition and cash infusion is a testament to the strength of Conversent and the confidence the business and investment communities have in our company. We have proven ourselves as a company capable of succeeding in even the most dire of economic environments." REON "Real Estate On Net" delivers advanced telecommunications and data services such as Internet on demand, network security and data storage to multi-tenanted commercial buildings. The integration of the companies provides REON customers the opportunity to take advantage of the complete line of voice and data services offered by Conversent. Customers will be managed by Conversent's operation center and customer service and will have the added benefit of one stop shopping for all of their communications needs. "Conversent is a company with a solid history and strong position within the markets it serves," said Jim Collis, Partner of Seaport Capital. "The company's continued growth and the proven ability of its management team to successfully guide Conversent through tough market conditions make it a sound investment." A leading telecommunications company See telecom company. headquartered in Marlboro, Massachusetts, Conversent owns and operates a state of the art facilities-based network. The company employs 630 sales, technical and support staff in 22 offices and provides voice and data services to more than 30,000 business customers from Maine to New Jersey. About Conversent: Conversent Communications was co-founded in 1998 by cable entrepreneur Robert Fanch and Conversent's president and CEO, Robert Shanahan. A facilities-based communications provider with six Class 5 telephone switches and 80 Data switches and more than 2000 miles of fiber optic network, Conversent designs and delivers bundled telecommunications and broadband services that meet the specific needs of individual businesses from small neighborhood companies to enterprise customers. The company provides its customers with a broad portfolio of voice, data and Internet services, including Web hosting Making a Web site available on the Internet. Many ISPs host a few personal Web pages for an individual at no additional cost above the monthly service fee, but the address is subordinate to the ISP; for example, www.friendlyisp.com/pat_smith. and collocation collocation - co-location , broadband, and virtual private network services. Conversent is committed to providing the highest level of customer service and the right communications solution to all its clients, with a focus on improving business productivity, performance, and managing cost. More information is available at www.conversent.com. About Seaport Capital: Seaport Capital is a private equity firm established to make investments in media, communications, business and information services See Information Systems. companies. With more than $400 million of private equity under management and more than 50 years of cumulative investment experience, Seaport Capital investment professionals have an outstanding record of making growth and buyout investments in private companies using comprehensive industry knowledge, experience and creativity. The key to Seaport Capital's successful record has been and will continue to be a commitment to partnering with superior management and ensuring that their interests are aligned through ownership stakes and shared strategic vision. Seaport Capital Partners II LP is the successor fund to CEA CEA carcinoembryonic antigen. CEA abbr. carcinoembryonic antigen CEA (Carcinoembryonic antigen) Capital Partners USA LP. More information can be found at http://www.seaportcapital.com/. |
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