Ygnition solidifies its position in cable TV
SEATTLE, WA, April 29, 2004 — 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 Contact:
Glenn Meyer
(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
(502) 594-7196
ceciconway@aol.com
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
(650) 325-9600
kjensby@comventures.com