WARWICK, R.I. — ICOA, Inc., a national provider of wireless broadband Internet networks and managed services in airports, restaurants, marinas and hot zones, announced in a news release it has agreed to acquire WiSE Technologies, Inc., a privately held Landover, Md. provider of Wi-Fi services to airports, hospitality, higher education, multiple dwelling units, highway plazas and cafes. The closing of the transaction is subject to customary closing conditions and is expected within the second quarter of 2005.
WiSE Technologies' national footprint includes broadband wireless and wired/kiosk public Internet access in 12 airports, five higher education campuses, three large apartment complexes and over thirty additional high-traffic public locations including hotels, cafes, marinas and highway plazas. The university campus services are provided under an umbrella agreement between WiSE and the Higher Education Wireless Access Consortium. All WiSE locations will be integrated into ICOA's existing systems, providing significant operational savings.
Rick Schiffmann, ICOA's chief executive officer, said, "We believe that WiSE Technologies' national network, customer base and business models fit well with our core businesses, add three new and promising verticals in higher education, MDUs and highway plazas to ICOA's portfolio and positions ICOA with a robust base of locations in the mid-Atlantic region."
Gary Murray, II, founder and president of WiSE, will join ICOA to focus on new business opportunities, enhancing ICOA's strategic partnerships and increasing network customer utilization. Najib Kabbani, WiSE executive vice president, will focus on expanding the higher education segment, among other duties. Murray said, "We are excited to be a part of the ICOA family of companies and world-class team and look forward to adding value for ICOA's shareholders."
