PacificDataVision has closed over $218 million in funding in a private placement with unnamed institutional investors. FBR Capital Markets served as the placement agent. Also, PDV has bought all of Sprint Corp’s 900 MHz spectrum licenses. Based in Paterson, NJ, PDV is a provider of mobile workforce management solutions.
PATERSON, N.J., September 16, 2014 – Pacific DataVision Inc. (PDV), a leading provider of mobile workforce management solutions, announced that it has received FCC approval and has acquired all of Sprint Corporation’s (NYSE: S) 900 MHz spectrum licenses (approximately 6 MHz nationwide). PDV now becomes the only nationwide licensee of spectrum focused on launching a state-of-the art two-way radio network dedicated solely to serving businesses. The service will target dispatch oriented small and medium sized business in the major metropolitan markets of the United States, and will be offered primarily through Motorola Solutions, Inc.’s (NYSE: MSI) Authorized Dealer Network.
Mr. McAuley, Chairman of PDV, said “Morgan and I are proud of the role we played in building Nextel into a carrier focused on the needs of the enterprise community. With the availability of Motorola Solutions’ digital radio technology, we see an opportunity to incorporate PDV’s proprietary cloud-based mobile resource management solutions into a next generation offering for businesses. These solutions increase productivity through the delivery of real-time information from and about mobile workers to their managers.”
“We have brought together an extraordinarily talented team of telecommunications industry veterans whose singular focus is on becoming the nation’s most business-centric, value-oriented communications solutions provider,” said John C. Pescatore, PDV’s Chief Executive Officer. “In addition to supporting and growing our existing wireless solutions business, we will be launching the largest private push-to-talk network in major markets throughout the United States.”
Mr. O’Brien has joined PDV as Vice Chairman leading the Company’s spectrum strategies and utilization enhancement efforts. “By acquiring Sprint’s nationwide spectrum at 900 MHz we take on the challenge of making the most efficient use of that spectrum” said Morgan O’Brien. “The selection of Motorola Solutions’ digital radio technology is the first step in that process. We will continue to explore ways to further improve spectrum efficiency.”
PDV recently raised over $218 million in equity funding in a private placement with institutional investors. FBR Capital Markets & Co (NASDAQ: FBRC) acted as the sole initial purchaser and placement agent. In addition, as part of the spectrum transaction, Sprint received $10 million of the spectrum purchase price in the form of PDV common stock at the same price per share paid by the institutional investors. Further, Motorola Solutions has agreed to lease a portion of the spectrum from a PDV subsidiary.
Proceeds from these transactions are being used to acquire the spectrum licenses, build the nationwide push-to-talk network, and support PDV’s existing solutions business.
About Pacific DataVision, Inc.
Pacific DataVision is a recognized leader in mobile workforce communications and location based solutions that increase the productivity of field-based workers and the efficiency of their dispatch and call center operations. PDV will also be launching the largest private push-to-talk network in major markets throughout the United States. Its patented and industry-validated technology improves team communication and field documentation across a wide array of industries including transportation, distribution, construction, hospitality, waste management and field service. PDV’s Chairman, Brian McAuley and Vice Chairman, Morgan O’Brien, were co-founders of Nextel Communications and have over 60 years of experience in two-way radio operations and FCC regulatory matters. Pacific DataVision, Inc. is headquartered in Northern New Jersey. You can learn more at www.pdvcorp.com.
Sprint (NYSE: S) is a communications services company that creates more and better ways to connect its customers to the things they care about most. Sprint served more than 54 million customers as of June 30, 2014, and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; leading no-contract brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. The American Customer Satisfaction Index rated Sprint as the most improved U.S. company in customer satisfaction, across all 43 industries, over the last six years. Sprint has been named to the Dow Jones Sustainability Index (DJSI) North America in 2011, 2012 and 2013. You can learn more and visit Sprint at www.sprint.com or www.facebook.com/sprint andwww.twitter.com/sprint.