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Interquest Communications
raises $3.1M to deliver broadband services to apartment
and condominium communities stranded by the demise of previous
service providers.
Company acquires assets from
Darwin Networks, Reflex Communications and VelocityHSI,
Inc. and expands services nationwide.
Interquest Communications, a leading
provider of broadband Internet services to the multi-family
real estate industry, today announced that it has closed
$3.1 million Series A funding led by ComVentures, a leading
communications venture firm, members of Interquest management
and other private investors. The money will be used for
operations and marketing to reinstate broadband services
to apartments and condominiums where service was abruptly
ended by the demise of broadband service providers in the
past two years. Interquest broadband services are now available
to residents in Seattle, Portland, Salt Lake City, Dallas,
The San Francisco Bay Area, Phoenix, Tucson, Denver, and
Southern California.
Interquest has announced the purchase of certain network
assets formerly owned by service providers Reflex Communications
and Darwin Networks. Before closing their operations this
spring, Reflex and Darwin Communications were Internet service
providers offering broadband services to apartment residents
on a national scale. In addition, Interquest announced it
purchased all of the non-cash assets of VelocityHSI, Inc.
another service provider based in Walnut Creek, California.
VelocityHSI also provided service in multiple western states.
The acquisitions completed by Interquest provide it a base
of deployed assets in excess of 50,000 apartment units,
clustered in the states of Arizona, California, Colorado,
Oregon, Texas, Utah, and Washington.
"It is clear that the multi-family industry is searching
for an experienced service provider to stabilize the marketplace
in the aftermath of the closing of many ISPs over the last
year. The demand for services has only increased and the
time is right to re-enter the market. The three acquisitions
completed to date provide us an immediate concentration
of customers that will allow us to focus on quality service
as well as bottom line profitability," said Glenn Meyer,
Chief Executive Officer of Interquest Communications.
"Our previous operating experience has allowed us the luxury
of effectively combining the assets of these three former
service providers into one manageable network. We will be
aggressively reactivating service in many of these properties
over the next few months. We plan to continue actively expanding
our service by pursuing additional acquisitions, as well
as work with property owners that have a need for service
in our target markets," he added.
According to Cliff Higgerson, partner at ComVentures, "There
is a great market for reinstating disrupted service to the
multi-family real estate industry. The demand is there,
the assets are in place and the growth potential is tremendous.
It is a winning combination and Interquest reinstates service
with a substantially lower overhead than their predecessors.
The Interquest team has the deep market and technical experience
to make the company a great success. We believe in the long-term
future of the company as a strong service provider," he
concluded.
About Interquest Communications, Inc.
Interquest is a leading provider of broadband Internet services
to the real estate industry including both multi-family
and commercial office buildings. The company is headquartered
in Seattle, Washington and maintains a regional office in
Walnut Creek, California.
More information on Interquest and its services can be found
at www.Interquest.net, or by contacting Interquest headquarters
in Seattle, Washington, at 206-574-5460.
About ComVentures
ComVentures, based in Palo Alto, California, is a venture
capital firm managing over $1.2 billion. ComVentures invests
exclusively in early-stage communications and Internet companies
focusing on three specific communications sectors: network
infrastructure, software and services. For more information,
please visit www.comventures.com.
Interquest Corporate Contact:
Glenn Meyer
Interquest Communications
(206) 574-5480
gmeyer@Interquest.net
ComVentures Contact:
Tami Bhaumik
tbhaumik@comventures.com
(650) 325-9600
Kathleen Jensby
kjensby@comventures.com
(650) 325-9600
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