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MetroPCS
- Industry:Wireless Services
- Location: Dallas, TX
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Roger Lindquist
Founder and CEO, MetroPCS.
Background
In January 2001, Columbia Capital joined several other leading investors in the recapitalization of General Wireless, then-renamed MetroPCS, Inc. At the time, MetroPCS was a wireless licensee holding strategic PCS licenses in major U.S. markets including Miami, Atlanta, San Francisco, and Sacramento. At the time of our investment, MetroPCS was seeking to launch an innovative but unproven business model targeting underserved consumers with a flat-rate and unlimited talk time wireless communications service.
Columbia Capital's Role
Columbia helped lead a syndicate of new investors to close a financing in MetroPCS that enabled the company to emerge from bankruptcy during a very difficult period in the capital markets. At the time, the company did not have any operational markets. Over the course of the next several years, Columbia played an active role on the Board of Directors of MetroPCS and was instrumental in assisting MetroPCS in numerous capital market financings and strategic opportunities.
The End Result
From the time of our investment in 2001, MetroPCS was one of the fastest growing and most profitable operators in the wireless industry. By the end of Q1 2007 , Metro PCS had grown to more than 3 million subscribers, an annual revenue run rate of over $ 2 billion, and had launched additional markets including Dallas, Detroit, and Tampa. The company is currently building new networks in Los Angeles, New York and several other significant markets. Metro PCS filed for its Initial Public Offering in March of 2007 (NYSE: PCS). At the end of May 2007, the Company had a market capitalization of over $11B.
Subsequent to our initial investment in MetroPCS, Columbia Capital has made numerous other investments in regional wireless operators pursuing the "Unlimited" talk-time, flat-rate pricing model. Specifically, our investment in MetroPCS laid the groundwork for our subsequent investment leadership in both Revol Wireless, MobiPCS, and Open Mobile.
Columbia came into Metro PCS before we had launched any markets or had any revenue. They really stood out as knowing the wireless communications business. The Columbia Partner on our Board worked very hard along side us and provided excellent advice on some strategic initiatives important to our growth. In particular, he helped us through some crucial financial reporting and compliance issues that helped pave the way for a successful IPO. Columbia is exactly the kind of collaborative partner an entrepreneur with vision wants at his side."
Roger LindquistFounder and CEO, MetroPCS.