Challenges: By the late 1990s, the Global System for Mobile Communications (GSM), a European-based digital technology for wireless communication, began taking hold in the United States. Schuchman realized that establishing a GSM network would allow Commnet to accelerate its growth rate and penetrate new markets. Because the GSM buildout was too large to fund with cash flows, Commnet sought outside capital.
Solutions: In 2003, Summit Partners provided growth equity to Commnet. This funding allowed the company to build out a GSM network, eventually serving markets in 14 states. Summit assisted Schuchman in hiring industry veterans to serve as president and COO as well as CTO. In addition, Summit provided strategic and financial analyses to help the company focus on maximizing growth and profitability in core markets, while assisting management in exiting less profitable, noncore markets…
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