Affluence Corporation acquires telecom infrastructure firm 5 Stems
Affluence Corporation has announced the acquisition of 5 Stems Inc, a cell tower installation and network maintenance company, amid its move into the 5G infrastructure market.
"The 5 Stems Inc acquisition is the first of several planned acquisitions and is the building block to our growth strategy," said James Honan, CEO of Affluence, who was recently appointed and is focused on 5G infrastructure businesses, including: fibre, tower construction and maintenance, base station installation and other complimentary technologies.
“In addition to the revenue component that 5 Stems Inc brings to the company, they also have several pending patent applications for innovative cell tower designs which will make it possible for multiple vendors to perform cell tower construction and maintenance at the same time and rapidly deploy 5G infrastructure and save time and money. Furthermore, 5 Stems Inc has an aggressive wireless training program plan in which can be a direct supply for the lack of 20k tower workers needed to build the estimated 800,000 cells needed to build the 5G network.”
5 Stems Inc is currently delivering services for many of the largest US network carriers, OEMs and tower companies and has an impressive backlog of purchase orders in hand. It has doubled revenue year-over-year and is forecasted to do the same in 2020.
"The implementation of 5G networks starts with companies like 5 Stems Inc," added Larry Jordan II, CEO of 5 Stems Inc. "We currently have 26 crews deployed and we have enough work this year for three times as many and the forecast for the next 10 years grows that number exponentially.
“Being part of Affluence will enable us to grow the number of crews organically and via acquisition and expand our verticals, that is why we are so excited to be part of a company that shares our vision.”
Affluence Corporation said that 5 Stems Inc has several high profile contracts and is performing work throughout the US and abroad which includes and is not limited to a high profile United Nations global super contract as part an annual global market of over $17 billion for all types of products and services.
The terms of the deal were not disclosed.