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Optically Networked : News: Conversent Chats Up $10M


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Conversent Chats Up $10M
February 11, 2002
By boston.internet.com Staff

Conversent Communications, a Marlborough, Mass., provider of voice, data and Internet products and services, has raised $10 million in new financing from private investors.

"We plan to use this funding to continue expanding our network and customer base throughout the East Coast, securing our place among the business community as the preferred alternative in voice and data communications," said Robert Shanahan, Conversent's president and CEO.

In March, the company secured $186 million in second-round financing led by FleetBoston Financial, CIT Lending Services and GE Capital. The investment was comprised of $105 million in secured debt and $81 million in private equity.

Taken together, Conversent's recent windfall fully funds its business plan, said Shanahan, who cofounded the firm in 1998 with cable entrepreneur Robert Fanch

Privately held Conversent employs 650 sales, technical and support staff in 14 offices. It provides voice and data services to 27,000 business customers from Maine to New Jersey over its 2,000 mile fiber-optic network.


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