Towerstream closes acquisition of Sparkplug
WiMAX service provider Towerstream says it has closed the acquisition of Sparkplug Communications' Chicago and Nashville, Tenn., business assets.
According to a press release, the acquisition expands Towerstream's presence in Chicago, introduces Nashville as the company's 11th market nationally and will add about $1.3 million to the annual revenue base.
The company purchased all customer contracts, network infrastructure and related assets in a transaction valued at $1.6 million in cash and common stock.
"We have designed a plan to quickly integrate Sparkplug's 10 points of presence (PoPs) in Chicago into our existing network. We plan to leverage our expanded market coverage to increase our scale and accelerate growth of our high-margin recurring business," said Jeff Thompson, president and CEO of Towerstream.