Greenlight Networks says an investment by its new owner will help with expansion plans
Locally-based Greenlight Networks is working on expanding that internet company, and an infusion of cash will increase the number of homes that Greenlight can serve.
The company, which is headquartered in Henrietta, said that its new owner, Oak Hill Capital, will invest up to $300 million to expand Greenlight’s network from nearly 90,000 homes today to more than 800,000 homes in the next few years.
That information was released on Thursday, as Greenlight and its majority investor, Oak Hill Capital, said that the deal first announced in March has been completed.
Greenlight has been expanding around the region, based on demand. Often, the company has been asked if it can have a greater presence in the city of Rochester.
Vice President of Marketing Michelle Sadwick said there are some programs to help facilitate that.
“We are part of the affordable connectivity program, so we do have affordable housing, affordable income options for people and we are working with the mayor in the city of Rochester to develop plans to get to more areas there,” said Sadwick.
She also said that with the additional capital from Greenlight’s new majority investor, the company is hoping to expand into other parts of New York state and eventually to other states in the northeast.
“Oak Hill is a longstanding investor in fiber networks, they’ve been in this business, they own other companies that are in this business,” Sadwick said. “So they bring a lot of additional resources to bear that will help us in expanding more quickly, as well as across additional areas.”