Source: South Florida Business Journal
By: Eleazar David Meléndez
A Boca Raton venture capital firm is behind the latest wireless tech "unicorn."
Boca-based Digital Bridge Holdings alongside Stonepeak Infrastructure Partners is heading a consortium that's investing $1.4 billion into wireless infrastructure company ExteNet Systems. As part of the deal, Digital Bridge's CEO Marc Ganzi becomes chairman of Extenet's board.
Chicago-based ExteNet provides networks that enable outdoor and indoor wireless connectivity. In July the company had announced it was moving forward on a cash-and-equity recapitalization that would expand its deployment footprint and better serve its clients.
The company is looking to capitalize on the bandwidth suck that's resulted from the popularity of mobile video.
“We’re thrilled to announce the deal is closed and believe we’re well positioned to both execute our long-term growth plans and meet the future needs of communications carriers across our target market segments,” said Ross Manire, President and CEO of ExteNet. “With the Internet of Things a reality and 5G in the near horizon, wireless infrastructure must advance with a focus on innovative, pragmatic solutions to enable anytime, anywhere broadband connectivity."
Digital Bridge, based in Boca Raton, Florida, was formed in 2013 through a partnership between Ben Jenkins, formerly of The Blackstone Group, and Ganzi, formerly founder and CEO of Global Tower Partners. In 2013, Global Tower was sold for $4.8 billion. Digital Bridge owns interests in a range of communications infrastructure companies.