Cleveland based Everstream, the network service provider has announced that it is acquiring Detroit-based internet service provider Rocket Fiber for an undisclosed amount. The deal sees Everstream control Rocket Fiber’s infrastructure, including its service platforms and fiber network.
Rocket Fiber was founded in 2014 by Edi Demaj, Marc Hudson, and Randy Foster. During the launch, the firm had raised capital from Quicken Loans and Dan Gilbert. Everstream, on the other hand, offers internet services in Cleveland and it was launched in 2014. The firm had raised $50 million in funding in 2015 by M/C Partners and J.P. Morgan Asset Management.
Everstream President and CEO Brett Lindsey through a statement said, “Detroit has undergone extraordinary growth in the last five years, making the acquisition of Rocket Fiber and its strong presence in Detroit the perfect complement to our existing Michigan network. We’ve had a longstanding relationship with Dan Gilbert and the Rock Family of Companies, including Rocket Fiber, Rock Ventures, and the Cleveland Cavaliers. This opportunity allows us to continue to provide Detroit-area businesses with the high-capacity, low-latency connectivity services they’ve come to expect from their fiber network provider and expands their direct access across [the] Midwest through the growing Everstream network.”
Marc Hudson, the CEO and one of the co-founders commenting on the deal said that “This acquisition marks the final stage of Rocket Fiber’s evolution. What began six years ago as a moonshot idea to leapfrog Detroit’s technology infrastructure has come full circle as we’ve matured into a rapidly growing and profitable business. By joining Everstream, we are now able to turbocharge that mission by offering our clients the same incredible client service but with the added benefit of leveraging Everstream’s much larger Midwest footprint.”
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