CONTACT: Bill Fowler
April 12, 2006
IKANO COMPLETES $26.5 MILLION FINANCING
IKANO Communications, Inc. announced today that it has secured $26.5 million in senior debt financing from D.B. Zwirn & Co., L.P.
The company will use the capital to finance the acquisition of Los Angeles-based high-speed and traditional Internet service provider, DSLExtreme and to refinance existing debt.
IKANO will continue to provide the same competitively priced, high quality services that DSLExtreme’s subscribers have enjoyed in the past. IKANO will maintain the DSLExtreme brand name and will continue to maintain offices in Los Angeles, Calif. ( www.dslextreme.com).
With over 20 years of combined Internet industry experience, DSLExtreme founders Ari Ramezani (CEO) and Jim Murphy (President) will remain in their current roles at DSLExtreme and continue to manage the operation and employees from the Los Angeles office.
“DSLExtreme is an ideal addition to IKANO’s existing platform of service offerings and this acquisition builds nicely upon our existing line of award-winning Internet services,” said George Naspo, IKANO Chief Executive Officer. “DSLExtreme has proven itself as the top independent provider in the high-speed Internet space and we are pleased to have the opportunity to include this brand among our growing number of owned and operated ISPs.”
Daniels & Associates represented IKANO in the transaction.
IKANO is a leading provider of private-label Internet services. The company partners with Internet service providers to help reduce operating costs, increase revenue and expand geographic reach and product offerings. IKANO also operates ISP.com, a growing platform for the company's nationwide end-user subscriber base.
Daniels & Associates , L.P. is a leader in financial services to the cable, telecommunications, media and technology industries worldwide. The company assists clients with mergers & acquisitions, private equity & debt financings and financial advisory engagements. Daniels is a major force in the U.S. mergers & acquisitions market with more than $100 billion in total transactions. Daniels is a member of the NASD and SIPC.
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