Wave, which is based in Kirkland, Wash. did not disclose terms of the deal. The acquisition is Wave’s 22nd since it was founded in 2003, and the company said it will help expand its gigabit internet service in Seattle. Cascadelink’s 12 Seattle employees will stay on and join Wave.
In a press release, Wave said Cascadelink customers won’t see any immediate changes in price or service.
“We plan to continue providing Cascadelink’s Seattle-area customers with the high levels of service they’ve come to expect while expanding our gigabit services to more business and residential customers throughout our three-state network,” Harold Zeitz, Wave’s President and COO, said in a statement.
Wave said it has more than 450,000 internet, phone and cable subscribers and annual revenue of $425 million. Wave’s fiber network spans 6,100 miles, primarily in the western portions of Washington, Oregon and California, and the company is adding 100 miles of new fiber per month.
Last year, Wave announced it raised $125 million to continue building out its fiber internet network for businesses and residents on the West Coast. The money comes not in the form of an equity investment like many tech companies use for funding, but instead a loan, and it is an add-on to a $130 million corporate bond from 2015.
Wave has more than 1,400 employees, approximately 450 of whom work out of its Kirkland headquarters. Last year, Wave announced plans to double the size of its Kirkland headquarters by moving into the new Kirkland Urban project in 2018.