SEATTLE--(BUSINESS WIRE)--X5 Solutions, a portfolio company of NewSpring Capital’s dedicated buy and build strategy NewSpring Holdings, filed notices with the Federal Communications Commission (FCC) regarding its recently completed acquisitions of NovaTel Ltd. Inc., CornerStone Telephone Company LLC and Richmond Telephone Company.
X5 Solutions announced plans in October, 2015 to acquire NovaTel, a San Antonio-based provider of voice, network and infrastructure solutions to providers, contact centers, carriers and Fortune 500 enterprises across North America and in Europe, APAC, CALA and EMEA.
X5 also announced plans in December, 2015 to acquire CornerStone Telephone Company, a New York-based advanced communications solutions provider. As part of this acquisition, Richmond Telephone Company is also now part of the combined entity.
According to X5 CEO Greg Forrest, these acquisitions are significant to the company’s strategic growth plans as they provide national scale and expand X5’s product offerings.
“We continue to look for opportunities like these to transform our business from a legacy network provider to a communications company addressing the evolving needs of the mid-market enterprise business,” said Forrest. “We’re passionately focused on the customer experience and delivering higher value products through managed and cloud service offerings.”
X5 Solutions now has more than 10,000 business customers concentrated in Seattle, Portland, Los Angeles, Dallas, San Antonio, Miami, Massachusetts and New York. The company also operates a European data center in Amsterdam.
According to Forrest, NewSpring Holdings has provided significant financial backing for X5’s recent strategic acquisitions to help grow the company’s geographic footprint and advance X5’s position as an integrated national communications company focused on delivering cloud services to mid-sized businesses.
“X5 has been able to successfully capitalize on the company’s strategic growth initiatives to help provide their customers with broader, more extensive coverage with consistent world-class service levels,” added Skip Maner, NewSpring General Partner.
About X5 Solutions
X5 Solutions is backed by more than two decades of experience in the telecom industry. The company has navigated the changing landscape of providers and communication technologies to deliver diverse solutions to private and public businesses, government agencies and wholesale partners across North America. X5 Solutions’ customer-focused approach and ability to leverage carrier diversity to customize solutions has fueled its success. X5 Solutions offers a complete suite of solutions, including Traditional Voice and Data Services, SIP Trunking, Hosted Voice, Conferencing, Unified Communications and Ethernet. For more information, visit www.x5solutions.com.
About NewSpring Holdings
NewSpring Holdings, LLC, NewSpring Capital’s dedicated buy and build strategy, focuses on control buyouts and platform builds, targeting profitable, growing companies seeking a financial partner to better assist them in achieving their goals. NewSpring Capital, based in Radnor, Pa., collectively manages more than $1 billion of committed capital supporting more than 100 portfolio companies across its growth equity, control buyout and mezzanine debt strategies. Combining deep operating knowledge with financial and investing expertise, NewSpring Capital provides growing companies the financial resources, advice, network of contacts and strategic partnerships necessary to be successful. To learn more about NewSpring Capital, please visit www.newspringcapital.com.
About NovaTel Ltd.
NovaTel, headquartered in San Antonio, Texas, offers voice, network and infrastructure solutions to providers, contact centers, carriers and Fortune 500 enterprises across North America and in Europe, APAC, CALA and EMEA. NovaTel provides an extensive range of products, industry know-how and eagerness to tackle the most complex and challenging requirements. Our engineering and support teams are telecom experts that take great pride in delivering the industry’s best customer service. For more information, visit www.novatelnetworks.com.
CornerStone Telephone Company is an advanced communications solutions provider, specializing in services for business and enterprise customers. CornerStone has more than 50,000 access lines, providing local and long distance telephone service, high-speed Internet access, VoIP, cloud computing, data center services and business telephone systems. Established in 2002, CornerStone has 70 employees and more than 7,000 customers. In 2009, CornerStone acquired Richmond Telephone Company, an independent local exchange carrier founded in 1903, and its subsidiary, Richmond Networx, a competitive local exchange carrier, both serving the western Massachusetts business and residential communities. CornerStone is headquartered in Troy, N.Y. with offices in Oneonta, New York City, Poughkeepsie and Richmond, Massachusetts. For more information, visit www.cstel.com.