TMCnet News
Cbeyond Communications Closes Series C Preferred Stock InvestmentATLANTA --(Business Wire)-- Jan. 10, 2005 -- Atlanta-based Cbeyond Communications, a small business focused Managed Services Provider, announced today that the company closed on its Series C Preferred Stock investment on December 29, 2004. The amount of proceeds raised was $17 million, with $10 million coming from existing investors and $7 million from new investors. Cbeyond's largest shareholders include Madison Dearborn Capital Partners, Battery Ventures, and Vantage Point Venture Partners, all of whom participated in the Series C round. The new investors in the round were Black Diamond Capital and Ballast Point Venture Partners. Proceeds from the offering will be used to support Cbeyond's expansion into additional cities. Using Voice over Internet Protocol (VoIP) and a 100% Cisco-powered network, Cbeyond delivers an integrated package of high-quality voice and broadband Internet services to small business customers in Atlanta, Chicago, Dallas-Ft. Worth, Denver and Houston. About Cbeyond Communications Cbeyond Communications, a privately held, Atlanta-based Managed Service Provider, is a leader in the emerging local voice and broadband services market and the world's first 100% Voice over Internet Protocol (VoIP) local phone network. Using Voice over Internet Protocol (VoIP) and a 100% Cisco-powered network, Cbeyond delivers to small business customers in Atlanta, Chicago, Dallas-Ft. Worth, Denver and Houston an integrated package of high quality local and long distance telephony services, high-speed Internet access and Internet-based applications for about the same price that small businesses typically pay for local and long distance service alone. For more information on Cbeyond Communications, visit www.cbeyond.net. |
