Wave Acquires Spectrum Networks and CondoInternet, Accelerating Expansion of Broadband Service Offerings in Seattle and on West Coast

KIRKLAND, Wash.–(BUSINESS WIRE)–

WaveDivision Holdings (www.wavebroadband.com), a business-class fiber optic and broadband services company with business and residential customers in Washington, Oregon, and California, today announced that it has acquired Spectrum Networks (www.spectrumnet.us) and its subsidiary CondoInternet (www.CondoInternet.net), effective immediately. Based in Seattle, Spectrum is a wholesale provider of commercial Internet and transport service to businesses, while CondoInternet delivers Ethernet-to-the-home gigabit connections to condominiums and apartments in areas of downtown Seattle and Bellevue, WA.

This transaction provides Spectrum and CondoInternet with increased capital and other resources to accelerate the expansion of both businesses under the existing brands. Spectrum and CondoInternet will continue to operate as separate business units of WaveDivision Holdings, and will retain all Spectrum and CondoInternet employees while supporting additional hiring to fuel planned expansion. Spectrum and CondoInternet customers will continue to receive the high levels of service they’ve come to expect from these brands without interruption.

Spectrum has continuously expanded its network and business services since 2007, strategically growing to reflect increasing bandwidth needs. CondoInternet has been offering gigabit Internet speeds since 2008 and is the largest provider of residential gigabit services in the Northwest. CondoInternet is now positioned for rapid expansion of its gigabit service, which is among the fastest in the nation.

“We are thrilled to be joining forces with Wave, as this provides our businesses with incremental scale and resources, including access to one of the largest fiber networks on the West Coast,” said John van Oppen, co-founder and CEO of Spectrum Networks. “We share a passion for providing best-in-class broadband products and customer support and look forward to working with Wave’s team. This strategic partnership will allow Spectrum to accelerate its growth plans by leveraging Wave’s geographic reach and network assets.”

“John van Oppen is one of the smartest people in the business of delivering carrier-class gigabit Ethernet and his team has done an exceptional job of growing an enterprise dedicated to providing premium wholesale and residential services,” said Steve Weed, Wave CEO. “Spectrum Networks and CondoInternet perfectly fit Wave’s strategic business model and we look forward to working together to support and accelerate their continued growth.”

Wave, a provider of video, Internet and phone services to more than 400,000 residential and commercial customers, raised more than $1 billion in funding to support the company’s continued growth in late 2012. Formed in 2003 by CEO Steve Weed, Wave has established a reputation for high-quality service, growing both organically and by network expansion and acquisitions.

The companies say the transaction will not impact Spectrum or CondoInternet customers or employees, with all services continuing without interruption.

About WaveDivision Holdings

WaveDivision Holdings, LLC is a cable and broadband services company providing advanced cable TV, true high-speed Internet and phone services to more than 400,000 residential and business customers in the communities, and surrounding suburbs, of the Seattle, Portland, San Francisco and Sacramento markets. Wave is headquartered in Kirkland, Washington. Owned and operated by local industry leaders, Wave supports its customers with decades of cable know-how. Serving customers under two retail brand names – Wave Broadband in the Seattle, Portland and Sacramento DMAs, and Astound in the San Francisco DMA – the company’s mission is to provide all customers with the latest technologies and upgrades. Wave was recently recognized by CableFAX Magazine with the prestigious Independent Cable Operator of the Year award. Wave also debuted on PC Magazine’s 2012 list of Top 10 Fastest ISPs in the nation. The company’s Business Solutions division delivers redundant fiber rings that serve local governments and businesses of all sizes, including well-known Fortune 100 companies and brands, with major fiber hubs in West Coast markets. For more information about WaveDivision Holdings, visit www.wavebroadband.com orwww.astound.net.

About Spectrum Networks

Spectrum Networks is a leading West Coast provider in data center to data center transport and sophisticated high-bandwidth Internet connectivity. Based in Seattle, the Spectrum network footprint extends from the Puget Sound north to Canada and south to Portland and the Greater Bay Area, including Silicon Valley.

Spectrum’s metro footprint in the Pacific Northwest and Bay Area/Silicon Valley allows fiber access to enterprise locations that have a need for direct connections to data centers, and customizable high-bandwidth Internet solutions. A specific blend of robust performance, multi-route reliability, and lower total cost of ownership offers unparalleled, enterprise-class service to Spectrum customers.

Spectrum is a team of Telecom veterans committed to building the best Internet infrastructure offered in the Pacific Northwest, and has been instrumental in spurring significant growth in the region’s high-capacity networks.

About CondoInternet

CondoInternet provides ultra-high-speed, gigabit Internet service to apartments and condominiums in Seattle and Bellevue, WA. Building upon the expertise and network quality of Spectrum’s carrier-grade commercial network, CondoInternet is the #1 ranked ISP in Seattle on Netindex.com and is among the nation’s top ranked residential Internet service providers.

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