Everstream Solutions LLC, a subsidiary of OneCommunity and leading provider of high-speed internet services, has announced today that it has secured a $50-million investment from M/C Partners and J.P. Morgan Asset Management.
This investment will help Everstream continue to expand its network and services, as well as solidify its partnerships with other organisations. In addition, it is a major sign of confidence in Everstream’s potential and will undoubtedly help further grow the company’s presence in the industry.
Everstream Receives $50M Investment from M/C Partners and J.P. Morgan Asset Management
Everstream Solutions LLC, an Ohio-based broadband, business and enterprise connectivity provider, is a newly founded subsidiary of OneCommunity. The company offers highly scalable and reliable services for connecting large organisations in northeastern Ohio, western Pennsylvania, and the world with its state-of-the-art fibre network.
Today Everstream announced that it will receive a $50 million investment from M/C Partners and J.P. Morgan Asset Management’s Merchant Banking business to accelerate the expansion of this innovative solution within Ohio’s growing technology corridor and reaching underserved markets in the Midwest.
The funding will enable Everstream to build new data centres while improving existing backbone systems to enable faster, more reliable services for businesses with high capacity demands or requiring specialised or dedicated infrastructure services. Much of the investment will also be allocated towards expanding basic Internet access for households in underserved areas, providing them with an opportunity to experience all the benefits of reliable high speed residential broadband connectivity.
Overview of OneCommunity
OneCommunity is an Ohio-based company that provides network solutions to residential, educational and business communities. It specialises in developing high-speed broadband networks and the infrastructure to deliver digital content, communications and services. OneCommunity partners with various public, private and academic organisations to design, deploy, maintain and upgrade advanced communication networks.
In November 2018, OneCommunity established Everstream Solutions LLC (Everstream) as a wholly owned subsidiary of the parent company. Everstream is focused on providing fibre-optic products and network solutions in underserved markets throughout North America.
Today’s announcement reports that Everstream has received a $50-million investment from M/C Partners and J.P. Morgan Asset Management to help it pursue its mission of bringing reliable high-speed internet access without interruptions to consumers regardless of their geographic location. In addition, the investment will fund improvements on current networks and future expansion in unserved markets across the United States and Canada.
Investment Details
Everstream Solutions LLC, a subsidiary of OneCommunity, announced today that it has received a $50-million investment from M/C Partners, a private equity firm, and J.P. Morgan Asset Management.
This investment will help the company expand its operations and accelerate its growth trajectory.
The details of the investment will be discussed in this article.
Overview of M/C Partners
M/C Partners is a leading private investment firm focused on middle-market growth companies in North America’s healthcare, industrial and information technology sectors. The firm seeks to leverage its deep understanding of these industries to provide strategic guidance and expertise to assist high growth companies. M/C Partners has offices in San Francisco and Boston and has recently committed an additional 100 million dollars to Everstream Solutions LLC, a subsidiary of OneCommuniy, to fund continued development.
This 50-million dollar investment from M/C Partners is part of a larger investment package that includes the 100-million dollar commitment from JP Morgan Asset Management which grants the opportunity for further expansion within Cleveland’s tech sector. In addition, M/C partners values Everstream’s position as one of the country’s leading one-gigabit networks capitalising on more than 500 gigabits in metro fibre infrastructure across eight states within Ohio, Michigan, Wisconsin, Pennsylvania and Indiana. This valuable investment will help fund the expansion of Cleveland’s tech sector and support new technologies that caters directly towards businesses as it bolsters its consumer base with faster speeds at affordable prices.
Overview of J.P. Morgan Asset Management
J.P. Morgan Asset Management is a global asset management firm that provides a range of products and services to individuals, corporations and institutions worldwide. The company focuses on investing in global markets and managing assets on behalf of a range of clients both large and small. J.P. Morgan Asset Management offers access to capital markets across the U.S., Europe, Asia-Pacific, Latin America, and the Middle East through its multiple regional operations offices worldwide.
The services provided by J.P. Morgan Asset Management include investments in stocks, bonds, real estate investments trusts (REITs), derivatives, commodities and structured products as well as traditional asset classes such as equities or fixed-income securities across international markets. Additionally, the company offers strategic advice backed by proprietary research from experienced investment professionals with sector-specific expertise to help meet long-term objectives for their clients’ investments portfolios globally.
As part of its commitment to delivering innovative solutions that meet the needs of its diverse client base spanning private equity investors to retail investors, J.P. Morgan Asset Management also provides an array of wealth management services designed to help individuals meet their financial goals while addressing their needs for investment planning throughout a wide variety of life stages – helping clients create portfolios tailored to their individual goals while managing risk through careful diversification strategies while providing wealth planning advice when necessary in addition to portfolio options tailored towards sustainable investing outcome focused on producing both financial returns and impacting social issues within local communities close to where clients live or work around the world currently today.
Terms of the Investment
Under the terms of the investment, M/C Partners and J.P. Morgan Asset Management will provide Everstream Solutions with $50 million in equity capital to further strengthen its balance sheet and provide access to new resources and strategic guidance.
The $50 million in capital will help Everstream Solutions accelerate its growth initiatives and capitalise on regional network opportunities such as bid solicitation for public-sector projects. Specifically, the investment will allow Everstream to expand its services by deploying new technology faster and providing additional access between local networks.
This will allow customers to increase speed and reliability across their networks.
Everstream also believes this investment will enable them to pursue more competitive speed and pricing options for their services while offering better service reliability than rivals. It can also be used to further strengthen their commitment to delivering reliable high-speed broadband data solutions for businesses around the country.
The company’s CEO Justin Billon commented, “We are thrilled that two of our industry’s most trusted names have agreed to invest in our future expansion plans.” He added, “These investors bring great resources and deep industry knowledge that can help us realise our goal of becoming a leader in innovative next-generation networking solution providers.”
Impact of the Investment
The $50 million investment from M/C Partners and J.P. Morgan Asset Management into Everstream Solutions LLC, a subsidiary of OneCommunity, marks a major milestone for the company. The investment will enable Everstream to expand its presence in the rural broadband market and provide faster, more reliable customer service.
In this article, we’ll discuss the potential impacts that this investment could have.
Benefits for Everstream Solutions LLC
Today, Everstream Solutions LLC, a subsidiary of OneCommunity, announced that it received a $50-million investment from M/C Partners and J.P. Morgan Asset Management. This substantial capital infusion will significantly benefit Everstream and its partners with multiple opportunities to deploy essential high-speed broadband networks into city neighbourhoods.
The investment will boost Everstream’s resources and allow it to build the physical infrastructure necessary for its mission to connect underserved communities across America with sustainable broadband technology solutions. This includes updating existing fibre-optic lines and expanding into new locations nationwide.
This strategic partnership allows both companies access to valuable technical capabilities that make scaling this project possible in a faster and more efficient manner than could have been achieved independently by either company alone. It also gives Everstream some critical financial stability to focus on doing what it does best without worrying about funding uncertainties. This will enable them to quickly expand their networks into worthy markets, serve more customers, provide quality customer service experiences and better support their communities through charitable efforts such as offering discounted services or providing educational materials on responsible digital usage.
This investment is a major step forward in achieving Everstream’s goal of bringing fast Internet access to underserved communities throughout America through premier fibre optic infrastructure that has the potential to bridge the digital divide throughout the nation over time.
Benefits for OneCommunity
The partnership between Everstream Solutions LLC, a subsidiary of OneCommunity, and M/C Partners as well as J.P. Morgan Asset Management marks a significant investment for this Northeast Ohio-based public-private partnership. With an initial pooled fund of $50 million, both entities are committed to advancing OneCommunity’s mission of providing advanced internet infrastructure throughout the region.
This investment will place OneCommunity in a much stronger financial position and enable the organisation to quickly introduce cutting-edge technology solutions to customers throughout its geographic footprint, which includes several areas that broadband providers have traditionally underserved. Moreover, Everstream Solutions will now be able to provide higher broadband speeds at a lower cost due to the capacity improvements created through this investment.
In addition to accelerating the deployment of leading-edge technology solutions for internet availability across its network, the thriving economy and evaluation of funded projects stand to benefit Northeast Ohio with an increase in jobs and businesses that are heavily reliant on advanced digital technology capabilities as they continue their journey into the connected world. Furthermore, OneCommunity looks forward to continued progress with funding from M/C Partners and J.P. Morgan Asset Management towards developing a strong workforce prepared for today’s digital economy with job training programs tailored for people living in economically challenged neighbourhoods around Northeast Ohio and beyond.
Benefits for M/C Partners and J.P. Morgan Asset Management
M/C Partners and J.P. Morgan Asset Management will benefit from their $50-million investment in Everstream Solutions LLC, the Ohio-based fixed broadband provider and subsidiary of OneCommunity.
The investment is a strategic way for M/C Partners and J.P. Morgan Asset Management to expand its market share in the Ohio region, allowing them access to a greater customer base, while providing additional service options to current customers. This allows both investors to further increase revenues through additional subscriber fees and/or services, while also developing a new layer of supplier relationships in the region, potentially leading to additional cross-sector alliances in the future.
Furthermore, due to their financial support of Everstream Solutions LLC, M/C Partners and J.P. Morgan Asset Management have increased their credibility within the industry by offering “venture capital” services (i.e.; investing in early stage companies) with proven investor backing for an entity with a consistent track record of success since its formation in 2011. This demonstrates that these entities are willing to take risks and provide new funding opportunities for high potential companies within Ohio’s business community, which ultimately benefits consumers through improved and enhanced service offerings.
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