EasyStreet Online Services takes over the operations of Vancouver-based Infinity Internet. New York investment firm Seaport Capital provided unspecified funding for the deal, which closed late last month. It cashes out longtime investors in both companies.
Infinity's Vancouver offices will close, the companies said Monday, but the combined operation will retain most of Infinity's employees and consolidate at EasyStreet's Beaverton headquarters. It will continue to serve small and midsized business customers.
The two companies were among the first in the area to offer Internet service in the Portland area.
Infinity traces its roots to Pacifier Online, founded in 1987. It became a well-known residential Internet company before founder Doug Palin sold the business to US Net in 2000, at the height of the telecom boom. Two years later, after the bust, he bought the regional network back and repositioned the company to serve business clients.
EasyStreet launched in 1995, co-founded by former Intel executive Rich Bader, who continues to run the business.
The combined company will employ more than 50, according to Bader, and plans to add a dozen more jobs this year. EasyStreet was generating revenue around $10 million annually before the deal, according to Bader, who said Infinity will add a "considerable" (but undisclosed) sum to that total.
"The primary goal will be to continue to be a regional player," Bader said. "This seems to be an area of interest with regard to data centers."
EasyStreet and Infinity both help clients manage their online activity, hosting computer networks in centralized data centers (EasyStreet has a data center in Beaverton, and Infinity has one adjacent to the Pittock Block in downtown Portland.)
"It's the cloud computing that has really been fueling our growth," Bader said.
Infinity's Palin, 49, said he will stay on with the combined for a short time to provide assistance through the transition. He said he doesn't have any firm plans for the future, but added "I've got some more things left in me, I'm sure."
EasyStreet had accumulated nearly 80 investors. That includes early backers who have held stock in the company since the '90s many, along with current and former employees who held stock options.
The new investment allows them to "take some of their chips off the table," Bader said.
"They got to see a pretty decent payday," he said. "The investment returns, while it took a while to get them, are substantial."
Source: http://www.oregonlive.com/silicon-forest/index.ssf/2013/01/regional_online_pioneers_infin.html
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