Downtown Detroit area residents with internet service through Rocket Fiber LLC will soon see a different company name on their bill.
The Dan Gilbert-backed internet service provider earlier this year sold to Cleveland-based Everstream Solutions LLC. Now the latter company, which focuses primarily on enterprise and commercial internet service, has completed a sale of the Rocket Fiber residential business to Snip Internet LLC, also of Cleveland.
The 4-year-old ISP was founded by Everstram President and CEO Brett Lindsey to focus on residential service and has been expanding into markets such as Columbus, Milwaukee and now Detroit via the acquisition, terms of which were not disclosed.
Snip earlier this year closed on a $7.75 million fundraising round, according to a federal securities filing.
"In the four years since launching, Snip has been building the back-office support and network infrastructure to expand into new markets," said Lindsey.
Pricing and service will remain the same for Rocket Fiber customers, according to Lindsey. There's presently more than 100 multi-unit buildings in the downtown Detroit and surrounding neighborhoods that have Rocket Fiber internet service
As Snip enters the Detroit market, the goal for the remainder of 2020 will be investing in the area and building out customer service teams, said Lindsey.
Historically, Rocket Fiber has largely only been available within the 7.2 square miles that make up the core parts of downtown Detroit. While expansions to other neighborhoods and out to the suburbs are possible in the coming years, Lindsey said, overall the company sees its fit in urban downtowns.
"Throughout the Midwest, the urban revitalization occurring is bringing new residents into downtown areas, driving demand for quality high-speed internet service," Robin Doerschuk, vice president and general manager of Snip, said in a statement announcing the sale of the Rocket Fiber residential business. "People moving downtown expect their internet service to be reliable and fast, which isn't the case in many properties today."
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Last of Rocket Fiber internet business sold to Cleveland ISP - Crain's Detroit Business
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