Tue, Feb 08, 2011
Existing Investors, Managers Pony Up The Extra Cash
Aircell has closed an additional $35M in financing with its
existing investors and Aircell's management team, the company said
in a news release Monday. Proceeds of the financing will be used to
fund growth in both commercial and business aviation markets.
"2010 was the year Inflight Internet went mainstream and Aircell
established its leadership in this exciting new mobile Internet
venue," said Michael Small, Aircell President and CEO. "Since
securing our exclusive spectrum license in 2006, we've raised more
than $500M." Existing investors include Ripplewood Holdings, a
major private equity group, Blumenstein/Thorne Information Partners
and other investment entities associated with investor/entrepreneur
Oakleigh Thorne.
Aircell offers Internet connectivity on laptops, smartphones and
PDAs on nine of the top 11 U.S. airlines and on nearly 6,000
business aircraft through its Gogo, Gogo Biz, and other
services.
During 2010, Aircell reports that it achieved growth through
diversified revenue from both the commercial and business aviation
markets. By year end 2010:
- Gogo Inflight Internet Service was available on more than 1,050
commercial aircraft operating 3,800 flights daily in the U.S.
- In the business aviation market, Aircell had nearly 6,000
customers that operate a wide range of aircraft all over the
world.
- With Bombardier Aerospace's selection of Aircell in October,
communications systems are now available as original equipment at
every major manufacturer in the business aviation industry. This
encompasses nearly 40 factory aircraft programs all over the
world.
- Aircell equipment is flying aboard the world's most prolific
fractional ownership and charter fleets, including Flight Options,
Flexjet, NetJets, XOJET, and others.
- In business aviation, Gogo Biz became the fastest-selling
service in the company's history. Just over a year after
availability, shipments and orders were already approaching 1,000
units.
- Leading companies such as Google, Hewlett Packard, Ford,
Facebook, People.com and Skymall partnered with Aircell to bring
Gogo access and special content to passengers.
Moving forward in 2011, Aircell expects to increase its base of
installed aircraft by an average of three per day in the airline
market. Gogo is available on all AirTran Airways, Virgin America
and mainline Delta Air Lines flights; as well as flights operated
by Air Canada, Alaska Airlines, American Airlines, United Airlines
and US Airways, with service on Frontier Airlines expected to begin
shortly.
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