Single Digits co-founders Bob Goldstein, CEO, left and co-founder and Stephen Singlar, president.
Single Digits, a Bedford-based provider of secure managed wireless network products and services, was recently acquired by GI Partners, a private equity firm in San Francisco. Single Digits represents the sixth platform investment in GI Partners Fund V, a $2.8 billion private equity fund raised in 2017. As part of the transaction, Bregal Sagemount, a growth equity firm, will exit its investment in Single Digits.
“It’s really exciting to have a much more established and larger Silicon Valley equity fund investing into New Hampshire. It’s putting more cash on our balance sheet to do more growth faster,” says Bob Goldstein, co-founder and CEO of Single Digits, which has 400 employees, with just over half of its workforce in NH. He would not comment on the value of the investment.
Single Digits, which was founded in 2003, provides a broadband authentication software platform that allows property owners to tailor their wireless internet access to the specific needs of their guests and residents and is complemented by a full suite of service offerings, including upfront network design and installation, real-time network monitoring, and 24x7 call center support. Single Digits currently serves more than 1,600 customers across the hospitality, student housing, multi-dwelling units (MDUs), transportation, and other end markets. It also has offices in Colorado, Texas, Cancun and Tijuana.
Goldstein says Bregal Sagemount had been a “great partner” for the past two years and was happy with the company’s growth, but the VC firm and tech company each agreed it was a good time to look for a partner that could help Single Digits further its growth. “We had received unsolicited interest and that began a competitive process with a number of bidders,” he says.
Under Bregal Sagemount, Single Digits developed a new platform for student housing and MDUs and helped the company to grow both organically and through strategic acquisitions, Goldstein says, adding Single Digits will be focused on strengthening its core markets moving forward as well as develop new markets.
Goldstein expects to grow Single Digits workforce by 10 to 20 percent in the next couple of years. “We signed a new lease a year ago with the expectation to continue to grow here in New Hampshire,” he says. “We look forward to our partnership with GI Partners to continue to grow the company, both organically and through acquisitions."