New Delhi [India], Sep 1 (ANI
-BusinessWireIndia): 5BARz India Private Limited, a leading technology start-up providing fastest network connectivity for cellular and broadband networks today announced the signing of a landmark strategic deal with a top Internet Service Provider (ISP) to connect five million Indian homes to the Internet.)
The company, a wholly owned subsidiary of San Diego
-5BARz International also disclosed that it has entered the wireless router business through its advanced Fuji Wi-Fi broadband router.
The agreement stipulates a commitment by the top ISP to deploy a minimum of five million 5BARz Wi-Fi routers over a period of five years. 5BARz India secured this order for its advanced Wi-Fi experience suite, which is delivered through its next generation router, 5BARz Fuji as well as its 5BARz Smart Experience connectivity software.
The company did not disclose the specific terms of the agreement honoring confidentiality.
Daniel Bland, Founder and Global CEO of 5BARz International, Inc., commented on today's news, "The deployment agreement with this ISP
marks an exciting milestone for 5BARz as we have now entered the Wi-Fi router space.
Our best in class Fuji router serves the substantial need for better broadband in India, a market with significant growth potential. With the launch of our Wi-Fi router business, we now have a portfolio of technology solutions consisting of our cellular network extender and the broadband Fuji router, and now offer a diversified suite of best in class products enhancing wireless connectivity throughout the home. Through our Wi-Fi router business, we have created parallel sales strategies and revenue generating opportunities, enhancing value for both current and future investors.
Vasan Paulraj, Managing Director and Business Head - Financial Sponsors Group at Axis Capital, which serves as 5BARZ India's Investment Banker, commented on today's news, "This is one of the most significant deals in the Indian telecom industry in the last several years and the way that 5BARz India's last mile connectivity is monetized is extremely innovative. The creativity of 5BARz management in structuring this deal exemplifies the qualities we look for in the executive teams of those technology companies with which we partner, and was the key to successfully closing this transaction. We are in the process of raising the capital required for this rollout and fully support 5BARz India in this endeavor."
Samartha Nagabhushanam, CEO of 5BARz India Private Limited, commented, "Our 5BARz Wi-Fi Smart Experience will be available for the Indian market during this quarter, and we plan to launch the suite in multiple cities within the country over the coming months. We strive to take the connectivity experience to a new level, offering products and services that behave like an in-home assistant."
Gil Amelio, Chairman of the Board of 5BARz
International, Inc, commented, "This took a tremendous amount of effort to get this deal done and I would like to congratulate the entire team. This deal is a testament to our flexibility in responding to and recognizing market trends and market opportunities. Furthermore, we are extremely excited about the potential of this model in other markets around the world and look forward to continued growth in the future." (ANI