EdR Purchases Minority Interest in Elauwit Networks
EdR Purchases Minority Interest in Elauwit Networks
- Partnership to focus on property network services and innovations -
MEMPHIS, Tenn.--(BUSINESS WIRE)-- EdR (NYS: EDR) , a leader in the ownership, development and management of collegiate housing, announced it was providing additional details on its previously communicated purchase of a 10% interest in Elauwit Networks — an industry-leading provider of Internet access, high-definition video and telephone service. While the initial investment for this minority interest was nominal for EdR, it provides a variety of potential benefits including reduced network operating costs along with opportunities to create innovative enhancements and generate ancillary income.
"Our equity investment in Elauwit will secure reliable and superior technology services for the No. 1 amenity desired by our residents, whose internet and bandwidth consumption grows every day," said Christine J. Richards, EdR's senior vice president and chief operating officer. "We are also excited about potential cost reductions, the creation of innovative enhancements and ancillary income opportunities through this partnership."
Elauwit Networks has been in the broadband and network service business since 1989 but has shifted its primary focus to the student housing industry for the last three years. During this time, Elauwit has established itself as one of the most reliable service providers with strong customer and revenue growth. Besides EdR, the company currently serves communities owned by American Campus Communities (NYS: ACC) , Landmark Properties, Campus Crest Communities (NYS: CCG) and Preiss Properties, among many others. It has forecasted student housing customer growth of 90 properties by the end of 2014.
"We welcome EdR to the Elauwit team," said Barry Rubens, Elauwit's chief executive officer. "Their robust communities, years of collegiate housing experience and push for excellent and innovative services will spur and aid our quest to continually improve and create cutting-edge products, services and ancillary opportunities for EdR and the collegiate housing industry as well."
"The vertical integration between Elauwit's and EdR's technical and operational teams is designed to create an effortless exchange of data and user feedback to accelerate the development of new products and services," said Scott P. Casey, EdR's chief technology officer, who will work with Rubens as a board member and as co-chairman of a committee specifically created to support this partnership and business development initiative.
EdR (NYS: EDR) is one of America's largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 67 communities in 24 states with more than 37,000 beds within more than 12,500 units. For more information please visit the company's Web site at www.EdRtrust.com.
Based in Charleston, S.C., Elauwit Networks is a privately held company with interests in media and technology. The company has twice been named to the Inc. 5000 list of the fastest growing companies in the U.S. Elauwit can be found on the Web at www.elauwit.com.
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Randall H. Brown, Executive Vice President, CFO & Treasurer, 901-259-2500
Susan Jennings, Vice President, Corporate Communications and Marketing, 901-259-2506
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