Riverside Partners, a Boston, MA-based private equity firm, has agreed to acquire a majority equity interest in ITC Global, a St Petersburg, Florida-based international provider of satellite communications services to mining, energy and maritime businesses operating in remote or harsh environments.
In conjunction with the investment, which is expected to close following customary regulatory approvals, Riverside Partners will also provide the company with capital to support its future growth initiatives.
Led by co-founder and CEO Joseph Spytek, ITC Global provides enterprise grade satellite communications services on a global basis. The company operates facilities across the Americas, Europe, Asia, Australia and Africa, where it employs a trained engineering and technical staff. It runs state-of-the-art Network Operations Centers (NOCs) in St. Petersburg, Florida, Harahan, Louisiana and Perth, Western Australia.