Enforta Expanding Broadband Services throughout Russia. Investment from Sumitomo Corporation and Baring Vostok Capital Partners
AMSTERDAM AND MOSCOW, January 27, 2006
Enforta BV announced today that it will expand its broadband services to another 12 regional Russian cities by the middle of 2006 and an additional 14 regional cities by 2007. Enforta is currently providing broadband services in Novosibirsk and Ryazan. In all, Enforta will provide services in at least 28 cities over the next two years.
Enforta’s expansion plans follow the announced recent financing with investments from Sumitomo Corporation and Baring Vostok Capital Partners. Sumitomo provided the initial funding for Enforta in early 2005.
Enforta’s initial network will use advanced ‘WiMAX’, a newly developed form of wireless technology which, together with other state-of-the-art connectivity solutions will allow for the rapid, cost effective deployment of networks that will support virtually all advanced communication services. By so doing, Enforta will bring cutting edge services to areas that are largely under if not un-served today.
“Enforta will be a ‘first-mover’ in providing broadband services to one of the fastest growing Internet markets in the world. The economics of the wireless broadband technology are well suited to provide service to this market”, said Elena Ivashentseva, Partner at Baring Vostok. “The Enforta business plan is exciting and we are pleased with the results achieved in our initial trials. Sumitomo is happy to increase its investment to assure that Enforta remains a leader in the wireless broadband segment”, said Katsuya Kashiki, Sumitomo’s Manager of New Business and Investment in Russia.
“Enforta’s market opportunity is extraordinary, and with the funding and support of Sumitomo and Baring Vostok, we are assured of the ability to deploy rapidly a first class affordable network”, said Enforta’s Chairman, Theodore “Ted” Schell. “We are privileged to have attracted such extraordinary partners as Sumitomo and Baring Vostok – partners with extensive experience in working with high growth technology based service companies. This will help assure our success.”
Enforta was formed in October, 2003, and today operates in two cities — Novosibirsk and Ryazan. The Company was founded by Mssrs Lee Sparkman, President, and Victor Ratnikov, General Director, both with substantial experience in building advanced telecommunications networks in emerging markets over the past 20 years; and by Mr. Theodore Schell, Enforta’s Chairman, an internationally known telecommunications executive and investor.
Enforta is a member of the WiMAX Forum – an industry-led consortium of over 300 members developing and promoting standards for IEEE 802.16 wireless broadband technology.
For more information on Enforta’s current operations and planned expansion see www.enforta.com or contact email@example.com.