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Riverside Partners Agrees to Invest in ITC Global

 

 

 

Riverside Partners, has entered into an agreement to acquire a majority equity interest in ITC Global ("ITC" or the "Company"), an international provider of satellite communications services to mining, energy and maritime businesses operating in remote or harsh environments. As part of the transaction, Riverside Partners will also provide the Company with significant capital to support ITC's future growth initiatives. ITC is headquartered in St Petersburg, Florida. The investment is expected to close following customary regulatory approvals.

 

ITC Global provides enterprise grade satellite communications services on a global basis. ITC's customers enjoy custom-designed, innovative solutions, including regional and/or global clouds of capacity, hybrid fiber-satellite networks and high-level network engineering. ITC maintains facilities across the Americas, Europe, Asia, Australia and Africa, employs a global engineering and technical staff and runs state-of-the-art Network Operations Centers (NOCs) in St. Petersburg, Florida, Harahan, Louisiana and Perth, Western Australia.

 

"My management team and I were searching for a partner who took the time to understand our technology and end markets, and could provide the strategic and financial resources for our continued growth. We are excited about our partnership with Riverside and believe their expertise and commitment to growth will help us continue to scale our organization while providing the best technology solutions for our customers," said Joseph Spytek, co-founder and Chief Executive Officer of ITC Global. "We are rapidly expanding our dedicated network and customer service capabilities as we follow our customers around the world and expand our market reach. We have all become accustomed to real-time, always-on connectivity and today's corporate enterprise applications require a network that is scalable, predictable and highly available. Our customers rely on ITC to provide this connectivity to their remote locations through our global satellite network."

 

"We believe that Joe and his management team have built a technologically advanced platform with significant growth potential," said Steven F. Kaplan, a General Partner at Riverside Partners. "ITC's global satellite communications network provides its customers with the mission critical bandwidth necessary for those businesses to function in an integrated manner with all of their geographically dispersed locations as well as to provide the communications necessary to support remote workforces. ITC has a deep understanding of their customers' communications needs, offers superior customer service and enables increased efficiencies in the mining, maritime and oil & gas industries."