Detroit-based Rocket Fiber acquired by Everstream
0Reported today on TechCrunch
For the full article visit: https://techcrunch.com/2020/02/26/detroit-based-rocket-fiber-acquired-by-everstream/
Detroit-based Rocket Fiber acquired by Everstream
Rocket Fiber is the latest Detroit startup to be acquired. Today, the company is announcing it was acquired by Cleveland-based Everstream for an undisclosed amount.
The founders tell TechCrunch the company was at a "record multiplier for the telecom space."
Under the deal, Everstream is acquiring all of Rocket Fiber's infrastructure, including its service platforms and fiber network. The company says in a press release that Rocket Fiber's customers will continue to receive the same service.
Co-founder and CEO Mark Hudson said six to nine months ago the company started to look for ways to turbocharge Rocket Fiber's growth. After looking at numerous offers from venture capital to acquisitions, the company felt Everstream was a good fit. Hudson found that Everstream has a similar cultural philosophy that works well in the Midwest. He says that Everstream feels like a bigger version than Rocket Fiber and an excellent partner to help build out Rocket Fiber's mission of providing super-fast, super-friendly internet service.
Rocket Fiber launched in 2015 to bring much-needed fiber infrastructure to downtown Detroit. At the time, the city's rebirth was on the cusp of becoming real, and billionaire Dan Gilbert enlisted Rocket Fiber to help bring the ultra-high-speed internet to his businesses and others.
When Rocket Fiber launched, access to fiber-based infrastructure was extremely limited in Michigan and non-existent in Detroit.
Right now, in early 2020, Rocket Fiber is primarily available in the greater downtown Detroit area, with some service available in the suburb of Southfield. Recently, the company announced plans to build out its service to the Grosse Point area, east of Detroit.
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