Altira Group Announces Initial Public Offering of RigNet

Leading Global Provider of Managed Communications for the Oil & Gas Industry Reaches New Milestone, Denver, CO (PRWEB) December 17, 2010

Altira Group LLC (http://www.altiragroup.com) is pleased to announce the Initial Public Offering of its portfolio company RigNet, which will trade as RNET on NASDAQ.
RigNet is a leading global provider of managed communications, networks and collaborative applications dedicated to the oil and gas industry. The Company provides solutions ranging from fully-managed voice and data networks to more advanced applications that include video conferencing and real-time data services to remote sites in over 30 countries on six continents, effectively spanning the drilling and production industry. RigNet's corporate offices are in Houston, Texas. For more information, please visit http://www.rig.net.

Altira lead the initial Series A-round financing in RigNet in 2001, when the company was pre-revenue. The firm participated in subsequent RigNet financings, and Altira representatives have served on RigNet's Board of Directors until the IPO.

"Since its inception, RigNet has been a leader in helping the oil and gas industry undergo a virtual transformation in communication," says Dirk McDermott, the Founder and Managing Partner at Altira Group and a pre-IPO Director of RigNet. "Today, the industry is in 24/7 real-time communication with drilling and production operations worldwide due, in part, to RigNet's efforts. This IPO gives RigNet access to the financial resources needed to maintain and grow its leadership position in the oil and gas sector while expanding into other profitable verticals. We congratulate the management team on the effort that brought us to today."

Altira is a Denver-based venture capital firm that has invested $1 billion with partners in over 100 energy technology transactions over the past decade.

Back to News