The residential assets of a local internet provider that utilizes fiber optic cables are changing hands after being acquired by a Cleveland company.
Snip Internet announced Wednesday it had completed its purchase of the residential assets of Detroit’s Rocket Fiber from Everstream, another Cleveland-based company that acquired the company in April after announcing the deal in February.
Everstream is a business-only fiber network. Financial terms were not disclosed.
Snip will expand its services into more than 100 multi-dwelling unit residential buildings in Cleveland and Detroit with the expansion. The company specializes in serving these types of buildings.
“We are all striving to deliver the fastest and most reliable residential internet service possible,” says Robin Doerschuk, vice president and general manager of Snip. “We are excited about the level of expertise joining us in Detroit as we build out our customer support organization.”
Everstream retained Rocket Fiber’s business assets, including the addition of 41 route miles to its network and access to more than 5,000 businesses.
“Throughout this acquisition process, Everstream has remained committed to building on Rocket Fiber’s success in the Detroit market,” says Brett Lindsey, president and CEO of Everstream and founder of Snip. “We’re confident that Snip Internet is well suited to continue moving the company forward.”
In March, Snip closed its Series B funding round of $7.75 million, led by PepperTree Capital. It was founded in 2016 and has a customer base that includes 6,500 units in 25 apartment buildings in Cleveland. It plans to offer service in Milwaukee and Columbus by the third quarter.
“Throughout the Midwest, the urban revitalization occurring is bringing new residents into downtown areas, driving demand for quality high-speed internet service,” says Doerschuk. “People moving downtown expect their internet service to be reliable and fast, which isn’t the case in many properties today.”
Snip has symmetrical speeds up to 1 Gbps. It works with multi-dwelling unit developers to delivery fiber connectivity.
Everstream has more than 13,000 route miles of fiber and speeds up to 100 Gbps. Its business fiber services include dedicated internet access, dark fiber, Ethernet, and data center solutions.