FTE Networks acquires assets of fiber-optic installation and boring specialist Midwest Underground Solutions
FTE’s acquisition of Midwest Underground includes construction equipment, as well as key personnel.
FTE Networks, Inc., a network infrastructure solutions deployer to the technology and communications service provider industries, announced that it has acquired specific assets of Midwest Underground Solutions, a company specializing in directional boring and fiber-optic installations.
FTE’s acquisition of Midwest Underground includes construction equipment, as well as key personnel. “The acquisition of Midwest Underground assets strengthens the comprehensive offering that FTE brings to communications companies,” said Lynn Martin, COO of FTE Networks. “It also brings additional staffing and revenue potential as we integrate these assets into our business."
“This transaction demonstrates FTE’s continued efforts to consolidate complementary services that not only build scale, but more importantly increase opportunities to compete for the best projects in the markets we serve,” added Michael Palleschi, chairman and CEO of FTE Networks. He continued, "These new assets enable FTE to further expand its position in the St. Louis market with consolidated opportunities for fiber-optic cabling and system integration services, and brings an additional pipeline opportunity in the first quarter of 2017."
With a clientele of communications service providers, government and enterprise customers, FTE is headquartered in Naples, Florida, with offices throughout the United States and Europe.
Per the company's mission statement, "With a focus on smart design, open architectures and consistent standards, along with expertise in building, operating, and maintaining networks, FTE solves complex network and system challenges that reduce costs and deployment time to accelerate delivery and optimize performance of network infrastructure."
The company operates in five (5) industry segments including: data center infrastructure; fiber optics; wireless integration; network engineering; and edge computing.
“As part of our strategy to grow organically and through accretive acquisitions, this transaction enables us to execute on our order backlog of approximately $52 million for 2017 and improves our margin profile, both of which will allow us to generate additional value for our shareholders,” concluded FTE's Palleschi.
For more information, visit: www.ftenet.com.
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