Novacap Announces Digital Infrastructure Fund's Strategic Partnership with INdigital

MONTREAL and FORT WAYNE, Ind., March 07, 2024 (GLOBE NEWSWIRE) -- Novacap, a leading North American private equity firm, announced today that it has entered into definitive agreement to acquire Communications Venture Corporation, Inc. (DBA "INdigital").

Founded in 1995 by 9 Indiana, Ohio, and Michigan local exchange telephone companies, INdigital is a leader in developing Next Generation 9-1-1 services. Since implementing the first large scale E911 network in the US in 2004, INdigital has grown to provide Next Generation 9-1-1 ("NG911"), Text to 911, and service continuity platforms covering a population of over 60 million people in over 200 states, counties, cities, and towns throughout the United States and Canada.

The current management team Mark Grady, Eric Hartman, and Jeff Humbarger will continue their roles as Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer respectively. The original founding local exchange companies will remain as significant shareholders in the business.

"Novacap is proud to partner with INdigital, a leader in the essential field of Next Generation 9-1-1 services, underscoring our commitment to mission-critical technologies that enhance public safety," said François Laflamme, Senior Partner at Novacap. "Their superior technological solutions and strong market positioning align perfectly with our investment philosophy. Our objective is to drive their expansion and unlock the untapped potential within the NG911 space, leveraging our expertise to deliver enhanced value to our stakeholders and improve emergency response capabilities across North America."

"Novacap's deep expertise in digital infrastructure distinguishes them in the market, as evidenced by their strategic investments in industry leaders like Horizon Telecom and Stratus. This collaboration promises to accelerate our growth and enhance our capabilities to innovate advanced solutions in the Next-Gen 911 space. We are excited about the possibilities this partnership opens up for further innovation and our ability to deliver state-of-the-art, lifesaving technologies," said Mark Grady, Founder and CEO of INdigital.

Houlihan Lokey served as exclusive financial advisor and Dentons served as legal advisor to INdigital.

Foley & Lardner served as legal advisor to Novacap.

About Novacap

Founded in 1981, Novacap is a leading North American private equity firm with over C$8B of AUM that has invested in more than 100 platform companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in Industries, TMT, Financial Services, and Digital Infrastructure, Novacap's deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial capital, Novacap has the resources and knowledge that help build world-class businesses. Novacap has offices in Montreal, Toronto, and New York.

For more information, please visit www.novacap.ca.

About INdigital

Founded in 1995 by nine Indiana local exchange companies, INdigital is a leader in the development and operation of Next Generation 9-1-1 services. Since inception INdigital has invested in and built superior 9-1-1 networks and solutions including NG9-1-1, Text for 9-1-1, and the MEVO service continuity platform. Since implementing the first large scale IP based public safety network in the US in 2004, INdigital has grown to provide NG9-1-1 services to over 60 million people in over 200 local 911 authorities throughout the United States and Canada. For more information, please visit INdigital.net.

Media Contact: Yasmine Sardouk [email protected]