Everest Mounts $50M Funding Round

FORT LEE, N.J. -- Everest Broadband Networks today announced it has completed its third round of financing for $50M with Exelon Capital Partners as the lead investor. Other major contributors to the round are Everest seed shareholders Pequot Capital Management and SOFTBANK Venture Capital.

Everest is increasingly acknowledged as the fastest-growing provider of in-building broadband and user applications services to multi-tenant unit (MTU) buildings in North America, with an unprecedented average buildings-under-contract growth rate of a million square feet per day since the company's start in early 2000. Having just completed its first year of operations, Everest achieved its aggressive first year growth objective of 300M square feet of buildings under contract and exceeded its goal of 200 commercial buildings wired and lit for broadband services.

"We see tremendous long-term growth potential in the building-centric service provider space, but not all the providers will survive," said Joseph Kerecman, General Partner with Exelon Capital Partners. "After exhaustive study of all the competitors, we selected Everest as the one provider with the right strategy, prudent business model and unmatched management team. Their focus on execution and profitability is the blueprint for leadership and long-term success in this space. We see Everest's business plan as highly complementary with Exelon's ventures in building and maintaining telecom infrastructure. Backing Everest with our financial resources and infrastructure capability will allow both companies to tap the growth potential in this market."

http://www.everestbroadband.com