Everest Broadband Networks announced it has completed its fourth round of financing with Pequot Capital Management and Exelon Capital Partners. Both companies are existing shareholders who renewed their commitment in the current round, bringing Everest's total capitalization to $88 million to date.
The investment is a validation of Everest's strategy and leading position in a challenging market. Everest Broadband Networks is a Metropolitan Broadband Services Provider, serving businesses in North America. The company is a fast-growing survivor in the telecommunications services market, which has experienced a severe downturn over the last several quarters. Everest currently provides well in excess of 1,000 commercial customers nationwide with high-speed Internet access, local and long distance voice, web hosting, audio conferencing and other services and applications.
Gerald Poch, managing director of Pequot Capital Management said, "Everest's ability to prove itself in an unforgiving market has made the company a leader in its space. The management team is executing against a sound business plan and not only winning customers but keeping them over the long term. This additional round of financing will provide Everest with the means to continue on its fast-track to profitability."
Joseph Kerecman, general partner with Exelon Capital Partners, added, "Everest has a strong business model, offers superior customer service and has the right mix of voice and data services for the right price. That makes the company able to compete with legacy players on their home turf, no small feat even in the best of economic times. Everest's ability to adapt quickly to market demands, while never losing sight of the old fashioned fundamentals of profitability, efficiency and customer satisfaction, have made it a sound investment for Exelon."
Everest has survived where many other Metropolitan Broadband Services Providers have failed. The company has been recognized by leading telecom analysts for its ability to maintain a prudent economic approach to infrastructure investment and deployment while maximizing long-term revenue, profitability and cash flow. This approach has avoided the cost, scalability and low market penetration rate issues that have plagued competitors. Everest's success is due to four key factors: 1) its business-savvy building selection criteria; 2) its low-cost, flexible network architecture, built around its in-building Intelligent Service Node (ISN) and proprietary middleware; 3) its unprecedented service array which leverages breakthrough technology; and 4) its commitment to customer care.
Jeffrey Feldman, CEO and president of Everest Broadband added, "From the start, the financial resources and business acumen of our investors formed a key differentiator. We will now leverage this new capital to consolidate our lead in serving the commercial communications market."
COPYRIGHT 2002 Hagedorn Publication
COPYRIGHT 2002 Gale Group