Zayo Group, a US-based supplier of communications equipment, has agreed to buy American Fiber Systems, a provider of metropolitan network and telecom services backed by strategic investors.
Financial terms were not disclosed but was less than $185m and comes 10 years after its first venture capital investment by Sierra Ventures. Since 2000, AFS has received $35m from Sierra, funds of funds manager Hamilton Lane, Lucent Ventures, the corporate venturing division of telecoms equipment company Lucent before its spin out to form New Venture Partners, and North Atlantic Capital, according to news provider VentureWire.
In 2007, Zayo Group raised $225m in its first funding round from venture capital firms Battery Ventures, Centennial Ventures, Columbia Capital, M/C Venture Partners and Oak Investment Partners, VentureWire said and has made 15 acquisitions.