Phoenix-based Highway 89 Ventures, an in-building Internet service provider, has acquired two Utah Internet service providers. With a $100 million investment from Freedom 3 Capital of New York City, Highway 89 has purchased Mereo Networks of Bountiful and Vicidiem of Salt Lake City.
At the same time, Highway 89 also acquired Arizona-based Broadband Holdings and Digital Home Lifestyles.
The company will now operate under the Mereo Networks brand. The combined company covers 18 states across the U.S. and provides a wholesale bulk, single-source solution for premium fiber-based broadband Internet to real estate development companies for use in multi-family unit properties.
“With a proven history as a reliable critical-service provider, Highway 89 Ventures has been successful in growing our business portfolio by adding significant value for developers through a robust product offering that drives revenue and improves resident satisfaction across multi-family units,” said Thomas Wilky, CEO and founder of Highway 89. “We look forward to the future of Mereo and its expansion across current and future markets with the support of Freedom 3 Capital.”
The acquisitions position Highway 89 Ventures and Mereo Networks to provide service to more than 400 properties and 40,000 subscribers across its platform, supporting multi-family unit owners and developers with single-source bulk broadband internet solutions. With hardware and software located directly on property, the platform provides proactive and direct customer service solutions that remove property managers from the technology troubleshooting process and eliminates the need for technicians to enter residences to provide connectivity, Wilky said.
“I am pleased to be joining the Highway 89 Ventures team and am thrilled to have the resources in place to expand our platform and deliver our trusted brand of customer service to even more residents across the United States,” said Brock Blackner, founder of Mereo Networks.