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A new technology company that lays fiber optic's in commercial buildings is on a high-speed shopping spice that has driven its annual revenue rate to $300 million in a matter of months.
Houston-based NetVer sant Solutions is billing itself as the first national provider of network infrastructure solutions in the United States. The company upgrades cable and wiring in buildings to give tenants more bandwidth, allowing the capability of transferring larger amounts of voice and data from one location to another.
NetVersant is backed by Notre Capital Ventures and its President Steve Harter - one of the kings of the nationwide consolidation play. Notre has launched eight public companies by rolling groups of smaller firms in the same industry
into one national company. Coach USA. Comfort Systems USA and Metals USA all achieved revenue in excess of $1 billion shortly after their initial public offerings.
But for his latest venture, Harter has taken the "public" out of the poof deal, or roll-up. NetVersant began in February as a private rollup of seven companies, including Houston's Integrated Telecommunications Inc.
Since that time, NetVersant has completed a $25 million funding round, secured a $100 million credit agreement led by Bank One and almost doubled the number of companies to 13 with a total of 2,500 employees. The firm also expects to close within 30 days on deals to acquire four additional businesses.
Scott Fordham, NetVersant's president and CEO,...