Investment in Scandinavia's Fast Growing CLEC in $6bn Marketplace
For immediate Release, 16 March, 1999
Paradigm Ventures, the investment corporation focusing on European high tech venture capital projects, has acquired 14% of GlobalConnect A/S ("GlobalConnect"), the fifth international bypass carrier in Denmark. Paradigm Ventures is run by Michael Potter, founder and former President of Esprit Telecom, one of Europe's leading telecommunication groups.
GlobalConnect primarily focuses on two services in the Scandinavia:
- Carrier-to-carrier - providing dark fibre and other high bandwidth capacity to carriers and large users
- Competitive Local Exchange Connect (CLEC) and CAP(Competitive Access Provider) services - connecting business to service provider platforms using either microwave or fibre.
GlobalConnect owns 2 terabytes of carrier capacity fibre. Its rapidly growing customer base includes, amongst others:
- Denmark's largest internet portal
- One of Denmark's largest companies
- The Danish Government
- The region's largest telcos
Jesper Hart Hansen, Managing Director, of GlobalConnect said:
"We are honoured to have as an investor, and on our board, someone of Michael Potter's stature, experience, regulatory insight and business acumen. We look forward to the benefits he will bring in terms of unlocking further potential within the telecommunications industry."
Michael Potter, Chairman, of Paradigm Ventures, said:
"This company owns more dark fibre than most competitive carriers in Europe. The business opportunity is enormous. GlobalConnect reminds me very much of Fibrenet and Colt in their earlier days. We are expecting a 100% return on this investment, year on year."
For further information: Sunday: Susy streeter 070 500 47198
Susy streeter GCI Focus Group Ltd +44 (0) 171 600 1392
Michael Potter Paradigm Ventures +44 (0) 370 836 696
Jesper Hart Hansen GlobalConnect +45 77 3030 000