For nearly a year, Sprint freemium provider FreedomPop has been undergoing various merger and acquisition talks with several different companies. And, despite multiple promises for a decision before the holidays, shortly after the holidays, and then earlier this spring, FreedomPop CEO Stephen Stokols has finally announced on the company blog that FreedomPop will not be merging with or selling to any other companies and that he had raised $30 million in funding to continue to expand the company.
“We received several M&A offers, but we ultimately decided it was premature to sell on the cusp of exponential traction,” Stokols said in the blog post. “Following on accelerated growth and our pending global expansion, we are confident we will create massive value within the next 12 to 24 months at which point we could revisit exit options.”
Personally, I can’t say that I’m surprised by this move, as FreedomPop seems to be doing pretty well and even recently announced that it will be expanding its services to the UK this summer. With subscribers up, profits undoubtedly are as well, and it looks like FreedomPop is on the way to becoming a pretty good company.
Unlike most other carriers FreedomPop offers a small amount of free service to customers who sign up and purchase a phone or device. Additional minutes, texts and data can be purchased for a small monthly fee, and it is from these upgrades that FreedomPop makes its fortunes. The service uses both Wifi and Sprint’s network and I’ve heard some pretty good things about the company overall.
You can learn more about FreedomPop’s services on its
website.]]>
