Integrated Electrical Services (IES), Houston, the nation's largest electrical and communications contracting company, has invested $1 million in Metstream Communications, a Portland, Ore.-based Integrated Communications Service Provider (ICP).
Metstream plans to target high-density residential communities with next-generation broadband services. Metstream completed a $4 million, "Series-A Preferred" private stock offering to accelerate its rollout of services throughout the Pacific Northwest. Vertex, a Silicon Valley venture capital firm, led the round, along with (IES). The capital will be used principally to speed up hiring and the build-out of MetStream's Digital Media Gateways in Portland and Seattle.
"Metstream has demonstrated a compelling vision for the telecom industry," said Dave Ramm, president and CEO of Integrated Electrical Services. "Our participation in Metstream Communications is consistent with IES' strategic vision to leverage its exposure to emerging technologies that supplement our complementary core businesses of electrical and communications services."
Ramm said MetStream will bypass incumbent providers of cable, voice and data services in order to bring its broadband services to multiunit housing developments and hospitality industries. "Service packages are bundled and offered to consumers at competitive prices and in one simple integrated monthly bill," he said.
Metstream is a next-generation Integrated Communications Provider of digital television, video-on-demand, Internet access, hosted IP applications, and telephony services primarily targeting the apartment and condominium communities.