Ignition-backed Sparkplug sells some assets for $1.6 million |
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Ignition-backed Sparkplug sells some assets for $1.6 million
Wimax service provider Towerstream announced today that it is buying certain assets from Sparkplug Communications for $1.6 million. As part of the deal, Towerstream will take over the customer contracts, network operations and other assets in Chicago and Nashville.
That will double Towerstream's customer base in Chicago and add about $1.3 million in revenue, while Nashville represents a new market for the Middletown, Rhode Island company. Towerstream, which operates its high-speed wireless sercvice in 11 markets, including Seattle, said it was already profitable in Chicago.
Sparkplug raised big money from Bellevue venture capital firms Ignition Partners and Trilogy Equity Partners in 2007, pulling in $22.5 million. The startup -- now based in Arizona -- was formed through the merger of Prairie iNet in Des Moines, Telespectra in Phoenix and Sparkplug in Chicago.
Last fall, Sparkplug said that it had expanded its network in the Phoenix area, with the network operational in five states at that time including the operations in Nashville and Chicago.
Both Sparkplug and Towerstream sell wireless service to business customers, contrasting somewhat with the consumer-oriented offering from Kirkland-based Clearwire. Towerstream, for example, is offering its 5 Mbps service for $500 per month for two years.
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