Boingo Wireless (WIFI) has announced it has agreed to acquire Elauwit Networks for $28 million (€24.62 million) plus revenue earn-out. Elauwit Networks is a Wi-Fi network provider for student and multifamily properties.
To deliver on the deal, WIFI will need to speed up Elauwit’s market penetration with slow-moving real estate and education venue owners.
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The Charleston, South Carolina,-based Elauwit was founded in 2002 and currently supplies high-speed Wi-Fi to more than 220 student housing and multifamily properties across the US.
Management is headed by CEO Barry Rubens, who has been with the firm since 2013.
The company’s primary offerings include Wi-Fi services installation and operation. Additionally, the company enables clients to have their users billed directly from Elauwit or include the charge in the bill from the client, allowing for potential ancillary revenue.
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