Transatlantic cable operator Hibernia Atlantic has received a cash infusion of $13.4M from Constellation Growth Capital, which until now was owned entirely by Columbia Ventures Corporation. It was just last month that Hibernia announced the purchase of video networking specialist MediaXstream in an all stock transaction. The company will use the funds to continue to expand its business and especially to extend its network reach deeper into both the North American and European markets.
After a tough 2009 in which even rapidly growing companies ducked for cover, 2010 appears to have a quite different flavor even if it is just 5 days old. Across the industry, everyone seems to be preparing for spring to arrive early. For its part, Hibernia Atlantic has made no secret of its intent to grow beyond its roots as a simple submarine cable, and this is probably just the first step in an aggressive year. Where will they be growing their network? Probably to the west coast is my guess. I still wonder if more M&A isn't in store for these guys in some form.
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