KIRKLAND, Wash.--(BUSINESS WIRE)--Wave (www.wavebroadband.com), a gigabit fiber and broadband services company, today announced that it has raised an additional $130 million to further expand its gigabit Ethernet fiber network (serving areas from northern California to the Canadian border through key West Coast markets in Oregon and Washington) and various business services such as co-location facilities and voice solutions. Wave’s financing for this expansion consists of a corporate bond sale worth approximately $130 million, led by Deutsche Bank and supported by Wells Fargo, Sun Trust, and RBC Daniels.
Wave’s network provides commercial-grade speed and reliability for business and residential customers. The planned expansion includes entry to new markets, increased capacity and redundancy in existing markets, as well as infrastructure development to support additional future growth.
Wave’s expansion includes:
- Growing its gig-E network into areas surrounding Seattle, Portland and San Francisco with the addition of more than 1,500 route miles of fiber in 2015;
- Completing multiple redundant fiber rings between California markets including Concord, San Jose, Sacramento, and San Francisco with virtual cross-connect services to multiple Bay Area data centers;
- Expanding residential gigabit internet service to an additional 10,000-plus residents this year in Seattle with expansion to San Francisco and other markets in 2015 and beyond;
- Introducing new business services such as Hosted PBX and co-location facilities to its existing IP Transport, and virtual cross-connect products;
- Growing the company’s construction organization to support additional network expansion in West Coast California, Oregon and Washington markets, with hundreds of fiber build projects currently being planned, permitted and under construction.
Wave, led by founder and CEO Steve Weed, has named longtime Wave executive Steve Friedman to the new post of Executive Vice President of Fiber Design and Construction. Wave has also named Harold Zeitz company president and COO, to lead the continued growth and successful operation of Wave’s business units.
“We are thrilled to accelerate our fiber expansion with this additional funding and announce the new roles for Steve Friedman and Harold Zeitz. This furthers our commitment to provide business clients with carrier-class service, and residential customers with the fastest internet speeds at a great price, all backed by exceptional local customer service,” said Steve Weed, Wave CEO. “Wave is uniquely positioned to deliver these services as a local, profitable and fast-growing company with more than a decade’s history, 1,000+ employees and annual revenue in excess of $350 million.”
In his new role, Friedman is leading Wave’s growing team in charge of building and managing the expansion of its fiber network.
Zeitz brings Wave more than 20 years of proven success leading technology companies, applying a unique blend of technical, operations and marketing experience. He spent the last 10 years in the consumer web services space, most recently as president of Classmates.com. His previous 10 years were in the wireless industry, including building out and running several cellular markets around the US.
Formed in 2002 by CEO Steve Weed, Wave has established a reputation for high-quality service, growing both organically and by expanding its footprint to new communities through acquisitions and building new fiber.
Wave is a gigabit fiber and broadband services company, providing true high-speed internet service and a variety of related products and options for business and residential customers in key areas of Washington, Oregon and California. The company is headquartered in Kirkland, Washington. For more information, visit www.wavebroadband.com.