Conversent Communications, a privately-held CLEC based in Marlboro, Massachusetts, announced that it has achieved “free cash flow” status. The company said it attained positive free cash flow in January 2003, three months earlier than it had anticipated. It had previously achieved positive EBITDA status in March 2002. Conversent currently provides voice and data services to more than 33,000 business customers and employs 570 sales, technical and support staff in 22 offices. The company plans to add 20 new sales associates to expand into new geographic markets.
http://www.conversent.com
- In October 2002, Conversent awarded a $35 million contract to Lucent Technologies to expand its multi-service network throughout the Northeast states. At the heart of Conversent’s network is the Lucent 5ESS Switch. Conversent also uses Lucent’s AnyMedia Access System and Stinger DSLAMs.
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In March 2001, Conversent Communications secured $186 million in a second round of funding for rollout of its network. The funding included $105 million in senior secured debt committed by Fleet, CIT, GE Capital Corporation, IBM Credit Corporation, and Bank of New York. The remainder of the investment is $81 million in private equity led by cable entrepreneur Robert Fanch, former Chairman of Fanch Communications. Since 1998, Conversent has raised $229 million in financing.
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Conversent Communications was co-founded in 1998 by Robert Fanch and Conversent’s president and CEO, Robert Shanahan.
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Fanch Communications, which had 537,000 cable customers primarily in West Virginia, Pennsylvania and Michigan, was acquired by Charter Communications in November 1999 for $2.4 billion.