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Ygnition Networks Acquires
U.S. OnLine Houston and Ft. Worth Business
Ygnition solidifies its position in cable TV
Ygnition Networks, a leading provider of broadband services to the multi-family
real estate industry, today announced the purchase of U.S. OnLine's (USOL)
cable TV and high-speed Internet business in Houston and Ft. Worth, Texas.
The acquisition includes the Service Agreements and equipment serving
approximately 18,000 apartment units in 59 properties and adds over
10,000 active customers. Ygnition will retain a substantial number of
USOL personnel.
Since it was founded in September 2001, Ygnition has grown its service base to
over 140,000 apartments in approximately 420 apartment communities in nine
states, owned and operated by some of the nation's largest and most demanding
property management firms. "It is our intent to grow our cable TV business
and this acquisition provides us with a critical mass of properties
concentrated in markets where we currently have infrastructure and support
capabilities," said Glenn Meyer, CEO of Ygnition. "Strategically this is a
great acquisition for us."
"This acquisition enhances our economies of scale, strengthens our market
position, and provides a platform for growing our bundled service triple-play
of high-speed Internet, Digital Voice (VOIP), and cable television,"
stated Ronald Sullivan, CFO.
"Ygnition is uniquely positioned to capitalize on the growing demand for
bundled broadband services in the multifamily market," said Bob Saunders,
Chrysalis Ventures managing director. "We see a significant opportunity to
provide competitive products at service levels the MSOs and large franchise
operators just can't deliver."
"Ygnition has once again demonstrated its vision and market leadership by
making another strategic acquisition," said Cliff Higgerson, Partner at
ComVentures. "We are confident that the company is well positioned to achieve
tremendous success and will continue to provide their customers with superior
service."
Ygnition is backed by Chrysalis Ventures of Louisville, KY, a leading provider
of venture capital in the Midwest and Southeast, and by ComVentures of Palo
Alto, CA a leading communications venture firm and current investor in the
company.
About Ygnition Networks, Inc.
Ygnition is a national leader in providing broadband services, including VOIP,
high-speed Internet, and cable TV services to the multi-family and condominium
industry as well as commercial office buildings. It was named by Venture
Reporter as one of the "Top 100 Venture Funded Companies of 2002". The
company is headquartered in Seattle, Washington and maintains regional offices
in Walnut Creek, CA, and Dallas, TX. For more information please visit
www.ygnition.com.
Ygnition Networks Contact:
Glenn Meyer
Ygnition Networks, Inc.
(206) 574-5480
gmeyer@ygnition.com
About Chrysalis Ventures.
Founded in 1993, Chrysalis Ventures is a leading source of equity capital for
young growth companies in the Southeast and Midwest. Chrysalis invests
primarily in early-stage and expansion-stage companies in healthcare
information technology and services, media and communications, and education
and training. Based in Louisville, Kentucky, Chrysalis has more than
$200 million under management and has made investments in over 40 companies.
For more information, please visit
www.chrysalisventures.com.
Chrysalis Contact:
Ceci Conway
ceciconway@aol.com
(502) 594-7196
About ComVentures.
ComVentures is a venture capital firm specializing in early-stage investments
in the communications market. The firm focuses its investment expertise on
pioneering companies that capitalize on the constant drive to build
next-generation network infrastructure, software, and services.
ComVentures consistently uncovers groundbreaking communications technologies,
helps lead and grow its portfolio companies, and assists these companies in
deploying new technologies in an ever-changing marketplace. Based in Palo
Alto, California, the firm has more than $1.5 billion under management. For
more information, please visit
www.comventures.com.
ComVentures Contact:
Kathleen Jensby
kjensby@comventures.com
(650) 325-9600
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