Portfolio Companies

Completel Europe is a facilities-based provider of switched local access telecommunications and internet services to business end-users and carriers. The company operates nine fiber-based metropolitan area networks in France and in 2006 completed a DSL-based network expansion to increase its coverage to 110 markets in France. Completel was acquired in September 2007 by Altice B2B France for $1.1 billion.

Diveo Broadband Networks provides last-mile data and voice connectivity to enterprise customers in ten major markets in Brazil and Columbia via fixed wireless broadband networks and operates internet data centers in Brazil and Mexico.

Masergy Communications provides customer-controlled voice, data and video services over converged virtual wide area networks to enterprises in over 40 countries. Masergy specializes in delivering real-time application performance and enables predictable, high-quality transport of enterprise applications, including voice, data and video, through a single network connection.

NuVox Communications is a facilities-based integrated communications provider, supplying broadband telecommunications services over an IP-centric virtual network to business customers in 48 markets in 16 contiguous states across the Midwest and Southeast. NuVox's products and services include internet, local, long distance, networking services, audio conferencing, and IT security services. NuVox had less than $200,000 in annual revenue at the time of Meritage's investment and has grown to over $530 million in revenue today.

Trillion Partners provides voice and data transport services over wireless networks to the K-12 educational market. Through the development of wireless networks, Trillion has assembled a portfolio of over 1500 tower sites that it is seeking to monetize through the leasing of tower space to third-party carriers. In addition, Trillion is extending its transport capabilities into the cellular backhaul market.

Xspedius Communications is a facilities-based provider of integrated communications services over proprietary fiber optics and virtual networks to small and medium-sized businesses in the southern U.S. The Company offers a variety of high quality communication services including long distance voice, data, and Internet. Xspedius was acquired by Time Warner Telecom in October 2006 in a transaction that valued the Company at $567 million.

Crisp Wireless provides mobile content management solutions to consumer-facing companies, enabling them to deliver rich media content and engaging applications over wireless networks for revenue generation, brand promotion and customer loyalty. Customers in media, entertainment, retail and other consumer-facing industries use Crisp's products and services to distribute content and applications across multiple wireless carriers to millions of handsets.

Inflow Group is a data center operator providing facilities-based IT services to companies with critical business and network applications over wired and virtual networks. Inflow is focused on second-tier markets in the U.S. and offers outsourced services including co-location, connectivity, equipment monitoring, security and other value-added services to medium-sized businesses. Inflow was acquired by SunGard Availability Services in 2005 for $189 million.

Mobile Content Networks provides mobile search solutions over wireless networks, powering search applications for carriers and mobile internet portals as well as for mobile content providers. MCN enables operators, manufacturers and publishers to better serve mobile customers through optimized search and navigation environments, broad handset compatibility and targeted distribution channels.

IP Commerce operates a revolutionary IP-based web service platform that enables electronic payment services to be delivered over virtual networks through desktop computer software. The IPC platform allows payment services to be easily bundled, provisioned and managed across IP-based networks, driving new revenue and reducing costs for participants in electronic payment systems.

Pipeline Financial Group provides electronic large-block securities trading services over a virtual network to many of the largest U.S. mutual funds, hedge funds and broker-dealer firms. The Pipeline trading system enables institutions and brokerage firms to quickly, efficiently and anonymously trade large blocks of equity securities. Pipeline maintains a hidden book of large, executable limit orders with strict price/time priority, thereby facilitating interactions between traders while minimizing market impact and the risk of gaming and other predatory trading practices.