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Meritage portfolio company and media services provider Access Media 3 (”AM3″) received $30 million in funding from ORIX Venture Finance and Petra Capital Partners. This financing supports AM3’s organic and acquisition-based growth initiatives, including the company’s recent expansion into the Mid-Atlantic region.
The company addressed both sides of its growth goals in 2011, expanding into the Florida telecom market with the acquisition of Peoples Choice Cable in Boca Raton while also setting company records for organic sales. AM3’s dramatic growth landed it on the 2011 Inc. 500 list of the fastest growing companies in the U.S.
AM3 supplies triple-play (TV/internet/voice) services to multi-dwelling unit properties in Florida, Georgia, Illinois, Minnesota, Tennessee, Virginia, and Washington D.C. The Company serves more than 50,000 subscribers in more than 500 properties.
We’re thrilled to announce that Intel Capital has joined the investment syndicate at our portfolio company, IP Commerce. The Company and Intel announced the financing earlier today.
We’ve worked with Intel in a number of other investments, including our co-investment at Crisp Media, and introduced them to IPC several months ago. They, like us, were immediately intrigued by IP Commerce’s platform as a service (“PAAS”) approach to electronic payments. Ultimately, Intel concluded that the Company is the clear leader in its space and that the Company’s approach to integrating value added services into the payment process stream is unique and incredibly valuable to payment application developers.
I’m personally excited to be working with Intel here as we’ve developed a valuable repeat relationship with them. In particular, I’m pleased to once again be working with Bavanipratap Rana, my colleague from Intel at Crisp Media, and Vibhor Rastogi, who together will represent Intel on this investment. Rana and Vibhor have a keen understanding of the Company’s opportunity and will work hard to bring the full resources of Intel along to support the Company’s efforts. Welcome to the team and congratulations to IP Commerce on completing this important financing.