Elauwit Networks receives investment from EdR
EdR (NYSE: EDR), a leader in the ownership, development and management of collegiate housing, recently purchased a 10% interest in Elauwit's networks business — Elauwit Networks, an industry-leading provider of Internet access, high-definition video and telephone service. The investment provides a variety of potential benefits to EdR including reduced network operating costs along with opportunities to create innovative enhancements and generate ancillary income. “Our equity partnership 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 Randy Churchey, president and chief executive of EdR. “We are also excited about possibly reducing costs, creating innovative enhancements and generating 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 (NYSE: ACC), Campus Crest Communities (NYSE: CCG) and Preiss Properties. 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. “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 the Elauwit team as a board member of Elauwit Networks and as chairman of a committee specifically created to support this partnership and business development initiative.
About Elauwit Based in Charleston, S.C., Elauwit 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.
About EdR EdR (NYSE: 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 68 communities in 24 states with more than 38,000 beds within more than 12,500 units. For more information please visit the company's Web site at www.EdRtrust.com.
For more information: Dan McDonough, Jr. (email@example.com | 843-619-7000 x515).