Conversent Communications Secures $10 Million in Private Equity Funding; Investment Brings Total Raised by Communications Provider to $263 Million.

Business/Technology Editors

MARLBOROUGH, Mass.--(BUSINESS WIRE)--Feb. 11, 2001

Conversent Communications, an Integrated Communications Provider, has secured an additional $10 million in equity funding from their existing equity group of private investors. This latest investment will be used for network and customer growth and funding for potential acquisitions.

"We recently completed one of our most successful years to date despite extremely challenging market conditions, and this additional investment is a testament to the validity and strength of our business model," said Robert Shanahan, President and CEO of Conversent Communications. "We plan to use this funding to continue expanding our network and customer base throughout the East Coast, securing our place among the business community as the preferred alternative in voice and data communications."

This additional investment further supplements Conversent's healthy funding picture to date. In 2001, the company secured $186 million in a second round of funding led by FleetBoston Financial, CIT Lending Services and GE Capital. The investment, which fully funds Conversent's business plan, was comprised of $105 million in secured debt and $81 million in private equity. In addition, the company achieved several milestones and announced several new high-end services such as the Secure Private Network Solution, and launched the Quick Connection Program to help business customers avoid service interruptions when changing providers.

A leading telecommunications company headquartered in Marlboro Massachusetts, Conversent owns and operates a state of the art facilities-based network. The company employs 650 sales, technical and support staff in 14 offices and provides voice and data services to more than 27,000 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 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 and collocation, 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.