The executive chairman of Columbia-based Socket Fiber describes the outlook for growth as massive.
Socket Fiber’s Jim Gleason spoke on 939 the Eagle’s “CEO Roundtable”:
“You know the average number of internet-connected devices in somebody’s home is somewhere between 25 and 50 devices and growing. And most people can’t even name all of the devices that are connected to their internet connection,” Mr. Gleason tells listeners.
Columbia-based Socket has recapitalized the company and brought in new majority owners to raise money.
Socket president Carson Coffman emphasizes the original shareholders are still owners and active in the company. He says recapitalizing the company has helped Socket obtain another $250-million to grow the way they wanted to. Socket president Coffman tells host Fred Parry that Socket has added staff, with the new arrangement:
“I think we’ve added 75 people already in the first year and we’ll be up over 300 by the end of this year,” says Mr. Coffman.
The new majority owners are Charlotte-based Pamlico Capital and Oak Hill Capital. Socket has recently built new fiber internet to serve Columbia’s Links and Greens apartments. Mr. Coffman also says the infusion of cash has allowed Socket to build in Missouri towns like Webb City, Odessa and Oak Grove.