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OneEighty Networks raises $2 million

Money will help Spokane telecommunications firm grow

Spokane-based telecommunications provider OneEighty Networks announced it has raised $2 million to help it expand services to customers in Washington and Oregon and to have cash on hand for future purchases.

From staff reports

http://www.spokesmanreview.com/news-story.asp?date=031304&ID=s1498821&cat=section.business

This is the first round of funding provided to OneEighty since the company purchased its Spokane-area assets and customers from Avista Corp., the parent of former subsidiary Avista Communications.

The $2 million came in the form of debt and equity financing from Aspen Capital Partners of Portland, Ore.

The money will help OneEighty expand and continue its growth in a number of new market areas, said company founder Greg Green. Two of those areas are Walla Walla and Bend, Ore. Last year OneEighty purchased HighSpeed Communications, which had 6,000 data and voice subscribers in those two cities. The purchase price was reported at about $1 million.

Those two areas are key communities for expected growth, Green said.

“But there were also some key network components that required substantial upgrades, and in some cases replacements, for us to deliver the same service and support to our new HighSpeed customers that OneEighty is known for in our existing markets,” he said.

The new funding also will help pay off about $700,000 in debt, according to a company press release

OneEighty has about 80 employees and also provides data services and other products to customers in Spokane, Coeur d’Alene, the Tri-Cities, and in Montana and Wyoming. The privately held company reported 2003 revenue of about $10 million.

Green said OneEighty’s strategy is to continue to grow through the acquisition of distressed telecom assets, a growing market in the downtrodden industry.

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