On April 22 announcement, Grain announced its intention to acquire a majority stake in Southfield-based 123NET for internet service, colocation, and business voice provider.
The Grain’s release describes 123NET as a company at the forefront of connectivity in Michigan.
123 NET was founded in 1995 and has around 310 route mile networks, including long haul and dense metro fiber networks in Michigan’s largest cities.
Its USP focuses on equipping businesses with world-class connectivity with an industry-leading data center, networking, and voice services.
123NET is said to be enhanced by Michigan’s largest carrier hotel, with a Grand Rapid and Detroit Internet Exchange.
It claims to be the world’s largest fee-free exchange, securing the ninth-highest traffic exchange in North America.
Its depth was illustrated last August during the public-private partnership with the Allegan Country Board of Commissioners. The project’s goal is to deploy fiber broadband to 12,000 addresses.
“123NET’s operations have continuously grown through a series of strategic investments that ultimately created one of the Midwest’s largest and most significant telecom enterprises,” said Dan Irvin, 123NET’s Chief Executive Officer.
He further added that Grain management is a potential investor with whom we unwaveringly share our best-in-class and valued services.
They will focus on expanding their high-density, A.I. capable data centers and BEAD funding to improve their reliable connectivity in order to serve current customers along with attracting new customers for their services.
Justin Lampman, Vice President of Network Operations for 123NET, stated that 123NET was “specifically seeking a partner” to apply for grant money from Michigan’s Realizing Opportunity with Broadband Infrastructure Networks (ROBIN) fund.
“Grain’s partnership with 123NET is the culmination of a multi-year relationship with this long-standing and experienced management team, and we are thrilled to be partnering with them,” said Raghav Nayar, Grain’s Managing Director, in a press release.
He added – “We think very highly of the disciplined, analytics-driven culture at 123NET, and we believe our synergy enables us to achieve even greater results together.”
Grain Management is a leading global investment firm. It was founded in 2007 with a motto of digital transformation across all industries.
Their global team of professionals and experts shares a collective passion and empowers themselves to strengthen communities and unlock human development’s full potential.
They thoroughly believe that broadband and digital infrastructure are the core of technological adaptation.
Grain Management’s portfolio includes the wealthier acquisitions Quintillion, a network provider in the American Arctic, and Tachus LLC, a fiber broadband service provider in Texas, acquired in May 2021.
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