Elauwit Networks Announces Strategic Investment From World Cinema
Elauwit Networks, LLC, a national provider of managed telecommunications services to the multi-family and student housing real estate industry, divested its linear video television business to World Cinema Inc., a leading provider of free-to-the-guest television services. In addition, World Cinema made a strategic investment in Elauwit Networks, purchasing a five percent stake in the company as well as a seat on the company’s board of directors. Terms of the transaction were not disclosed.
“While hospitality has been a core focus for World Cinema for four decades, we’ve been leveraging our experience in new ways for the multi-family, student housing and assisted living markets,” World Cinema Senior Vice President Tommy Fatjo said. “Our partnership with Elauwit brings our video expertise deeply into the student housing market, while giving us a partnership with an Internet provider that is the best in its class.”
Elauwit Networks’ current customers will see an improvement in their television service without adding any complexity to customer service. Both companies have integrated their systems so that the approach to the customer service experience for property owners and end users remains unchanged.
“This arrangement allows us to add more horsepower to our video offerings and service without changing the dynamic of customer service,” Elauwit Networks Chief Executive Barry Rubens said. “We know our customers like one customer-service channel, one phone number to call, and we’ve been able to upgrade our offering without any change in that regard.”
World Cinema also will head up a new hospitality initiative for Elauwit Networks, allowing the two companies to jointly collaborate on developing innovative new products and services for the hospitality industry. And the two companies intend to package their offerings to reach new markets and prospective clients where the combined offerings will bring more value to multi-family and student housing property owners.
“It’s been our goal to become the best data provider on the planet in terms of Internet reliability and customer service,” said Dan McDonough, Jr., former Elauwit Networks chief executive and a founder of Elauwit. “This deal allows us to focus exclusively on that goal by divesting our video business to our new partner, World Cinema, the best video provider on the planet.”