Optasite Secures $10M

Optasite raises $10M in Series A funding to develop and acquire wireless tower assets to be utilized by cellular and broadband operators

April 28, 2004

3 Min Read

WORCESTER, Mass. -- Optasite, Inc., a regional wireless services firm providing real estate acquisition, cell site construction, testing and maintenance services for cellular and PCS carriers, today announced $10 million Series A financing to develop and acquire wireless tower assets to be utilized by cellular and broadband operators. The round was co-led by Columbia Capital Partners, Highland Capital Partners and Centennial Ventures. Point Judith Capital, as well as the Company's original investors -- Village Ventures, Point Judith Capital, Worcester Capital Partners, Long River Ventures, TSG Equities, Mass Ventures, and Berkshire Capital Ventures -- also participated in the round along with the Company's senior management team.

The new capital enables Optasite to selectively acquire and develop towers that will allow U.S. wireless carriers to expand their coverage and service offerings. The financing comes amid a strong push by U.S. carriers to grow their networks as a way to attract new customers, and better serve existing subscribers with voice and data services. Optasite's existing site acquisition business and partnerships with the major wireless carriers in the U.S. give the Company a clear strategic advantage in the Northeast and Mid-Atlantic regions, where initial acquisitions and development projects will be focused.

Optasite's Chairman and Chief Executive Officer, Jim Eisenstein, is a tower industry veteran, having co-founded American Tower Corporation (NYSE:AMT) in 1995, where he served as chief development officer, overseeing the company's expansion into one of the world's largest owners and operators of wireless and broadcast towers. Prior to joining Optasite, Mr. Eisenstein was CEO of Concourse Communications Group LLC, the leading developer and operator of in-building distributed antenna systems in North America's largest transportation venues, including New York, Detroit, Minneapolis, Pittsburgh and Toronto.

"We are excited to have the opportunity to work with investors who offer such a unique blend of financial capability, industry knowledge and market experience that highly complements our management team's track record of success in this sector," said Eisenstein. "We believe that the market dynamics here in the Northeast, and in many other areas of the country, are ideal for an energetic, disciplined company to thrive and become a new meaningful player in the tower sector."

"Optasite is taking advantage of a major trend in the wireless industry - helping carriers improve the coverage and services they provide to their customers," said Matt Newton, Columbia Capital. "Carriers are faced with the challenge of finding more sites for towers across the country, and despite having the capital and funds to fix it, they do not have the site development or services capabilities to get the towers up. We're excited to be investors because we know that Optasite's sound strategy and ability to execute and close deals will be invaluable to the carriers."

"Jim Eisenstein brings domain expertise and operational experience to Optasite that is unparalleled by other executives in this market," said Jon Auerbach, Highland Capital Partners. "Highland chose to invest in Optasite because of its industry mind share and its visionary, seasoned management team. We believe Jim's foresight, coupled with his existing relationships with carriers, will establish Optasite as a leader in the tower sector." "Optasite's primary advantage is its in-depth knowledge of the regions it serves and the company's established relationships with government, community and business leaders throughout those regions." said Rand Lewis, Centennial Ventures. "The intimate knowledge of each region is an invaluable asset that sets Optasite apart from its competition and helps them build sites faster, better, and at a price that clearly makes them the provider of choice."

Optasite Inc.

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