has raised approximately $20 million through a private placement, which it intends to use for strategic acquisitions and to invest in key areas of the company to accelerate deployments.ÊAlthough Wayport currently has no commitments or agreements with respect to any acquisitions, the company routinely evaluates potential acquisition and expansion opportunities.Wayport has experienced continued momentum in key parts of its business that led to a 109% revenue increase for the fiscal year ending June 2004 as compared to the year prior. The number of locations that Wayport now provides high-speed Internet service to has increased by 275% from a total of 800 a year ago to over 3,000 as of June 2004, with 2,000 locations installed in the past 180 days. In addition, Wayport’s paid customer connections continue to rise to record levels to 3.6 million for fiscal year ending June 2004, up 116% as compared to 1.65 million the year prior. In total, more than 6 million paid customer connections have occurred at Wayport-enabled locations to date.
“Wayport’s continued strong performance has put the company in a strong position to create significant value and spark investor interest to raise funds,” said Dave Vucina, CEO of Wayport, “The momentum with our large-scale deployments has shown that our venue partners see value in the differentiated services we offer to their customers and that our neutral host strategy and strategic roaming partnerships drive the maximum number of customers to their venues. We have also shown that we can support their own internal private-side applications to help make their operations more productive.”
To support this growth, Wayport has added more than 100 employees over the past year, raising the total number of employees to almost 300. The company recently moved its headquarters, now situated in the heart of south Austin, increasing its office space by more than 60% at a substantially lower cost per rentable square foot for the new space versus the old location.