Newly formed Civitas Wireless Solutions L.L.C. acquired Ricochet Networks Inc.’s wireless network and operations for the greater Denver metropolitan area. Terms of the deal were not disclosed. It was also announced that Ricochet has ceased operations of its San Diego network and will no longer provide wireless Internet services.
This marks at least the fourth time Denver-based Richochet has been bought and sold since its inception at Metricom in the mid-1990s. Terabeam Inc., which has now sold the business to Denver-based Civitas, acquired Ricochet in June 2004.
Little more than 15 months ago Ricochet reported 20,000 users in Denver, however that has slid dramatically to approximately 6,000 users today.
Judi Evans, who has been president of Ricochet for about 18 months, formed Civitas Wireless Solutions L.L.C. to purchase the company and carry it forward. Evans is the majority owner of Civitas and will run the new company as president and CEO,
The team running Ricochet’s Denver network are all now part of the newly formed company.
Terabeam Inc. is expected to file additional information about this transaction with the Securities and Exchange Commission.
Ricochet sells Denver network, shutters San Diego operations
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