Tuesday, June 12, 2012

Canada's Xplornet Raises $125 Million for its 4G Network

Xplornet Communications announced $125 million in private financing to accelerate the deployment of its national 4G network.

Xplornet is pursuing a rural broadband strategy using satellites and other means. The company has acquired 100% of the Canadian capacity on two new 4G satellites - ViaSat-1 launched in October and EchoStar XVII (formerly Jupiter) to be launched this summer.

John Maduri, Xplornet's Chief Executive Officer commented that: "Xplornet is solving the broadband access divide in rural Canada, and doing so largely with private capital. This new $125 million in financing, following on the $230 million we raised last year, will help ensure that Xplornet has the resources necessary to continue our aggressive growth, and position us for continued success as one of Canada's leading telecommunications companies."