March 4, 2015 – Boston, MA – JMC Capital Partners announced that is has made an investment in CityBridge LLC.
Headquartered in New York City, and partnered with the City of New York, CityBridge will design, deploy and operate a first-of-its-kind communications network called LinkNYC. The LinkNYC network will be the fastest and largest free municipal Wi-Fi deployment in the world. In addition to its investment in CityBridge, JMC’s portfolio company, COMARK will engineer and manufacture the state of the art proprietary Links that will be deployed throughout New York City.
This investment is part of JMC Capital Partners’ Platform Strategy of creating value by acquiring and operationally integrating companies within an industrial market sector. The combination of CityBridge’s concept and Comark’s manufacturing ability enables the build out of LinkNYC free and fast Wi-Fi, creating an entirely new market opportunity with far-reaching possibilities.
NYC Mayor Bill de Blasio stated, “LinkNYC marks a significant step forward in this administration’s efforts to bridge the digital divide. The approved proposal will expand free, high-speed Internet access to New Yorkers across the five boroughs, not only transforming outdated payphone infrastructure into cutting-edge Wi-Fi hotspots, but dramatically increasing fast broadband reach in more neighborhoods citywide. From bringing new local jobs and a guaranteed revenue of $500 million over the next 12 years, to providing free domestic calling-all at zero cost to taxpayers-LinkNYC will be a game-changer for our city. Every New Yorker stands to gain from this historic result that will make New York City a global leader in free wireless access at superfast speeds.”
Steve Schott, CityBridge member and President & CEO of Comark commented, “Comark’s expertise in building rugged user-friendly structures will help to ensure that New Yorkers will have a seamless communications experience when using the Links across the City. We specifically engineered our terminals to work in the varied weather and physical environs around NYC, and we are deeply committed to not only creating jobs but also creating Links that will stand the test of time.”
Michael D’Amelio, Managing Partner of JMC Capital Partners said, “We are excited to be a part of the CityBridge team and look forward to Comark helping make LinkNYC the world’s example of how to profitably offer free urban Wi-Fi.”
CityBridge (www.linknyc.com) is a New York City-based company consisting of leading experts in technology, advertising, connectivity, and user experience who will design, implement and operate the LinkNYC network. CityBridge is delivering the fastest and largest free municipal W-Fi deployment in the world.
Comark (www.comarkcorp.com) designs and manufactures high-performance, ruggedized computer and display interface solutions for digital media, automation, and control applications. The company is driven by thirty-five years of innovative solutions with over 80,000 systems in the field.
About JMC Capital Partners
JMC (www.jmccp.com) is a private equity firm investing in industrial product companies using its proven Platform Strategy, which builds value through operationally integrating complementary businesses within specific industrial market sectors.