Wi-Fi provider Wayport on Tuesday announced raising approximately $20 million through a private placement.
The company said it planned to use the funds to support strategic acquisitions and invest in areas of the business to accelerate implementation of wireless Internet hotspots at hotels, airports, McDonald’s and other venues.
“Although Wayport currently has no commitments or agreements with respect to any acquisitions, the company routinely evaluates potential acquisition and expansion opportunities,” Wayport said in a press release.
Wayport, a privately held company, reported a 109 percent increase in annual revenue for the fiscal year ending June 2004. As of June, the company provided high-speed Internet access to approximately 3,000 locations, up from 800 the previous year.
