New Edge Networks is pursuing the acquisition of additional broadband carriers and data networking providers as a means of adding to its cash flow growth. The company placed classified ads in various telecommunications trade magazines and posted messages on Internet bulletin boards soliciting interest among communications companies that could add customers, network traffic, product set, or geographic reach. New Edge Networks primarily provides data and broadband services to business customers.
http://www.newedgenetworks.com
- Last year, New Edge Networks acquired the commercial division of @Home Corp. in a bankruptcy sale as well as hundreds of business data customers from Cable & Wireless.
New Edge Networks raised nearly $400 million in invested capital since it was formed in June 1999 and began commercial operations in early 2000. Financial backers include Goldman Sachs & Co., Accel Partners, Crosspoint Ventures, and Greylock.
For 2002, New Edge Networks said its revenues almost tripled to $60.4 million from $21.2 million in 2001. Revenues for 2003 are expected to exceed $100 million. The company's current debt is $38 million.
