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- InSite Wireless
InSite Wireless Acquisition, Valuation, Funding & Investors
InSite Wireless was acquired by American Tower for $3.5B in November 2020, a 23.3x multiple on $150M of revenue.
InSite Wireless revenue at acquisition
$150M
Last twelve months · Nov 2020
InSite Wireless revenue multiple at acquisition
23.3x
EV/Revenue · Nov 2020
InSite Wireless EBITDA multiple at acquisition
30.4x
EV/EBITDA · Nov 2020
About InSite Wireless
InSite Wireless Group develops and manages wireless infrastructure including DAS, towers, and backhaul networks. Alexandria-headquartered since 2000, its subsidiaries operate 500+ sites for carriers like AT&T and Verizon across the US Mid-Atlantic.
Founded
2000
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Services
Revenue
$150M (Nov 2020)
Valuation
$3.5B (acquired Nov 2020)
InSite Wireless Acquisition
InSite Wireless was acquired by American Tower for $3.5B on 5 November 2020.
The acquisition price implies a 23.3x revenue and 30.4x EBITDA multiple on $150M of revenue.
Before the acquisition InSite Wireless had raised $12M across 1 funding round.
InSite Wireless Group was the seventh-largest tower company in the United States, founded in 2000 by David Weisman. The company owned and operated approximately 3,000 communications sites across the United States and Canada, including more than 1,400 owned towers in the U.S., over 200 towers in Canada, approximately 70 distributed antenna system (DAS) networks, 600+ land parcels under communications sites, and 400 rooftop sites. Its major investors included Cox Enterprises, Macquarie Infrastructure Partners, and Catalyst Investors. American Tower, the largest global REIT for communications real estate, acquired InSite Wireless for $3.5 billion in an all-cash transaction announced on November 5, 2020, and closed on December 23, 2020. The acquisition, valued at 30.4x tower cash flow, marked American Tower's entry into Canada and represented a strategic expansion of its U.S. foundational business with high-quality, macro-tower-focused assets positioned to benefit from 5G densification initiatives. American Tower projected InSite would generate approximately $150 million in property revenue and $115 million in gross margin during 2021, with a 77% tower cash flow margin, making the transaction immediately accretive to American Tower's adjusted funds from operations per share.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 5 Nov 2020 | Strategic M&A | $3.5B | 23.3x | 30.4x |
InSite Wireless Funding History
InSite Wireless has raised a total of $12M across 1 funding round, plus 1 secondary share sale.
InSite Wireless funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Aug 2016 | Secondary | Macquarie Asset Management (lead) | $280M | InSite Wireless Group owns and operates wireless telecommunications tower site facilities and distributed antenna systems (DAS) across the United States, Puerto Rico, U.S. Virgin Islands, Canada, and Australia. Macquarie Infrastructure Partners III acquired a 42.5% equity interest from Catalyst Investors II and other minority investors for $280 million in a transaction that closed effective July 29, 2016. Macquarie committed to additional future investments to support InSite's growth. The deal signed on July 1, 2016, followed InSite's active M&A in 2015, including the acquisition of DAS assets from Capital Tower in June and 294 towers from CTI in April. InSite's management team, led by co-founders David Weisman (President and CEO) and Lance Cawley (CFO), along with Cox Enterprises and Catalyst Investors IV, retained investments in the company. Evercore served as financial advisor to InSite, with Lowenstein Sandler LLP and Sullivan and Worcester LLP as legal counsel. |
| Jul 2013 | Series A | - | $12M | InSite Wireless secured $12 million in a funding round on approximately 09/30/2013 from Catalyst Investors and Cox Media Group. The company develops, owns, and operates communications wireless infrastructure facilities primarily for wireless and broadcast industries across the United States. A July 3, 2013 Series C round is referenced without valuation or financial metrics. InSite Wireless raised a total of $312.47M over 7 rounds, with investors including Macquarie Infrastructure Partners II and Cox Enterprises. The company was later acquired by American Tower in November 2020. |
Who has invested in InSite Wireless?
1 investor has backed InSite Wireless across its funding rounds, including Macquarie Asset Management.
Lead investors include Macquarie Asset Management.
InSite Wireless Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 InSite Wireless investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by InSite Wireless
InSite Wireless has acquired 1 company to date.
Last acquisition by InSite Wireless was on July 20th 2020. InSite Wireless acquired Repeater Communications Group for undisclosed valuation.
Latest Acquisitions by InSite Wireless
| Description | Repeater Communications Group is a Denver-headquartered operator of approximately 3,500 co-located rooftop and tower sites for radio networks across major U.S. markets including New York, Los Angeles, and Chicago. Originating from developments by Gary Eisenberg, the company leases space to wireless carriers, broadcasters, and public safety networks. It maintains infrastructure in 20 metropolitan areas, supporting 4G/5G deployments and emergency communications through high-capacity colocation facilities. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 20 Jul 2020 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all InSite Wireless acquisitions and their M&A valuation multiples. Start Free Trial | |
InSite Wireless Competitors
InSite Wireless competitors include listed companies like HFCL, Huber+Suhner, Sterlite Technologies and Glarun Technology, and private ones like Helium and Arrcus.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $514M | $76M | $3.3B | 5.9x | ||
| Publicly listed | $1.1B | $153M | $3.9B | 3.1x | ||
| Publicly listed | $486M | $62M | $4.4B | 6.7x | ||
| Publicly listed | $501M | $118M | $5.1B | 9.9x | ||
| Private | - | - | $1.2B | - | ||
| Private | - | - | $400M | - |
InSite Wireless Public Comps
InSite Wireless is no longer listed, but its public comps include Addsino Co., WNC, China Comservice, HFCL, China Zhenhua, Guangzhou Haige Communications, Array Digital Infrastructure, Axiata Group, Lightelligence and Huber+Suhner.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $373M | ($167M) | 9.4x | - | (20.9x) | - | |||
| $3.5B | $229M | 1.1x | 0.8x | 16.0x | 11.8x | |||
| $22B | $793M | 0.1x | 0.1x | 2.4x | 2.5x | |||
| $514M | $76M | 6.9x | 5.9x | 46.7x | 31.3x | |||
| $858M | $227M | 3.0x | - | 11.2x | - | |||
| $654M | ($100M) | 6.4x | 6.0x | (41.9x) | - | |||
| $163M | - | 24.4x | 20.1x | - | - | |||
| $2.9B | $1.5B | 2.8x | 2.8x | 5.4x | 5.7x | |||
This data is available for Pro users. Sign up to see all InSite Wireless competitors and their valuation data. Start Free Trial | ||||||||
Common questions about InSite Wireless
| When was InSite Wireless founded? | InSite Wireless was founded in 2000. |
| Where is InSite Wireless headquartered? | InSite Wireless is headquartered in Washington, DC, United States. |
| Is InSite Wireless publicly listed? | No, InSite Wireless was acquired by American Tower in November 2020. |
| Who acquired InSite Wireless? | InSite Wireless was acquired by American Tower in November 2020. |
| How much was InSite Wireless acquired for? | InSite Wireless was acquired for $3.5B in November 2020, a 23.3x revenue multiple. |
| How much funding has InSite Wireless raised? | InSite Wireless has raised $12M across 1 funding round. |
| What was InSite Wireless' last funding round? | InSite Wireless' last funding round was a $12M Series A in July 2013. |
| Who are InSite Wireless' investors? | InSite Wireless' investors include Macquarie Asset Management. |
| Which companies are comparable to InSite Wireless? | Companies comparable to InSite Wireless include HFCL, Huber+Suhner, Sterlite Technologies, Glarun Technology, Helium and Arrcus. |
| How many companies has InSite Wireless acquired? | InSite Wireless has acquired 1 company, including Repeater Communications Group. |
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