With $20 million more, EurekaGGN fully funded.EurekaGGN, a full-service integrated communications provider, announced it has received $20 million in additional 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. , fully funding the company to profitability and facilitating continued growth in its target markets of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . New investor Apollo Real Estate Investment Fund IV completed the financing round, which also included follow on investments from Spectrum Equity Investors, Lazard Technology Partners, LLR LLR Lunar Laser Ranging LLR Log-Likelihood Ratio LLR Loan Loss Reserve LLR Low Level Radiation LLR Looks Like Rain (song) LLR Local Linear Regression LLR Lessons Learned Report LLR Load-Limiting Resistor Equity Partners and Mellon Ventures. In connection with the financing, EurekaGGN acquired the New York assets of Wired Environments, a building-centric Internet service provider Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. whose primary investor was Apollo. "This funding is a tremendous endorsement of EurekaGGN's business model at a time when many of our competitors are falling short of investors' expectations," said Jeffrey Ginsberg, chairman and CFO See Chief Financial Officer. of EurekaGGN. "We are being rewarded for our superior operating results, super-regional focus and clear path to profitability. Our investors are very enthusiastic about leading the consolidation of the building-centric service provider space, and their backing provides EurekaGGN with additional funds to grow strategically." In connection with the financing, the Apollo Real Estate Investment Fund IV and LLR Equity Partners, which funded EurekaGGN after the company acquired one of its portfolio companies, Nex-i, will each appoint directors to EurekaGGN's board. "It is refreshing in this market to see a management team with such a dedicated focus and commitment to running a profitable business," said Brion B. Applegate, managing general partner of Spectrum Equity Investors. "We believe the long-term prospects for the telecommunications services market remain strong, and survivors like EurekaGGN have an exciting opportunity to grow through accretive acquisitions." First Half 2001 EurekaGGN Highlights * EurekaGGN is on target to surpass $30 million in revenues for 2001. * The Port Authority of New York and New Jersey Port Authority of New York and New Jersey, self-sustaining public corporation established in 1921 by the states of New York and New Jersey to administer the activities of the New York–New Jersey port area, which has a waterfront of c. tapped EurekaGGN to wire the World Trade Center, a multi-building project that will ultimately revolutionize the networking infrastructure for the entire six-building office complex. - _____ * EurekaGGN made two strategic acquisitions to strengthen its regionalized focus: New Jersey-based Nex-i and Los Angeles-based TenantConnect. Both companies brought additional voice, data and networking services to the EurekaGGN product suite, and important new customers and commercial buildings to the company's portfolio. * ConjEdison Communications, Inc. (CEC (Central Electronic Complex) The set of hardware that defines a mainframe, which includes the CPU(s), memory, channels, controllers and power supplies included in the box. Some CECs, such as IBM's Multiprise 2000 and 3000, include data storage devices as well. ) inked a deal with EurekaGGN for access to as many as 150 New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. buildings currently served by EurekaGGN. Under the terms of the agreement, expected to generate up to $10 million in revenues for CEC over the next five years, CEC will let EurekaGGN tap into its fiber-optic broadband network to provide telecommunications and Internet services in those buildings. * EurekaGGN joined with Kenetec, Inc., a developer of high-pefformance, next-generation broadband infrastructure solutions, to deploy a converged network delivering voice, data and value-added services to business customers over its last-mile network. |
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