Manchester, N.H.-based Single Digits Inc., a provider of hig-speed Internet access technology, has raised $10 million in funding from Boston-based Tudor Growth Equity, the private equity arm of Tudor Investment Corp.
Single Digits, Inc, a leading, global provider of High Speed Internet Access solutions, today announced the receipt of $10 million in funding from Boston-based Tudor Growth Equity, the private equity arm of Tudor Investment Corporation. The new funding will be utilized to support the company’s rapid growth and product development for ensuring laptops, smartphones, tablets and other WiFi-enabled devices, are securely connected to the Internet and managed/supported vis-a-vis traditional IT infrastructures and new cloud-based services and applications.
“Enterprise companies, retail stores, hotels and healthcare institutions are just a few examples of overburdened, oversubscribed IT environments in need of immediate, third-party support to alleviate the bandwidth consumption from mobile devices seeking Internet-based services,” said Bob Goldstein, Single Digits’ Founder and CEO. “The funding received will immediately support our growth, enable us to strengthen our global support and engineering services while targeting new vertical markets with our cloud-based connectivity and support services.”
Single Digits continues to experience strong demand for its Internet access solutions as Chief Information Officers (CIOs), and other individuals responsible for device connectivity, are faced with the prospect of large CAPEX IT spending to support trends such as Bring Your Own Device (BYOD) and lower cost, more powerful consumer handheld devices. In lieu of building out parallel networks for mobile device connectivity, Single Digits alleviates the IT burden with the opportunity to reroute guest-related mobile device traffic onto its secure cloud network — fully supported by Single Digits’ 24×7 Network Operations Center (NOC).
“When making investments, we look for companies that have a firm grasp on their target market’s operational challenges and produce plausible solutions based on actual needs,” said Jeff Williams, Partner, Tudor Growth Equity. “With their legacy in hospitality and retail connectivity, Single Digits is clearly an organization that embraces this philosophy. They realize that situations such as BYOD are not only issue plaguing enterprise corporations, but a communication and security challenge affecting many types of organizations. Our funding will enable them to quickly take their proven and successful business model and expand it into the healthcare and higher education verticals, while strengthening their core hospitality and retail markets.”
About Single Digits Single Digits offers a complete guest HSIA solution, including all components of IP network design, engineering, professional services, ongoing maintenance, network monitoring multi-lingual support, revenue reporting, and authentication tracking. Our powerful Business Access Portal software, which combines hosted guest authentication (AAA), proactive network monitoring (SNMP), trouble ticketing, and global reporting tools, enables management companies to cost effectively and efficiently deploy HSIA in virtually any environment. www.singledigits.com
About Tudor Growth Equity
Tudor Growth Equity is the private equity arm of Tudor Investment Corporation, an internationally recognized diversified investment management firm, currently managing approximately $11 billion in assets.
Tudor Growth Equity has been investing in growth equity, venture capital and other private equity opportunities since the early 1990′s. Over this time, Tudor Growth Equity and its principals have invested in over 75 companies, with a strong record of investment success. Through its private equity funds, Tudor currently manages over $550 million in capital commitments.