Yipes was one of the original fiber-metro ethernet plays (or EtherLECs or Optical Ethernet MAN Provider). Yipes went BK in 2002.
Yipes Enterprise Services, the new incarnation of bankrupt Yipes Communications, raised $54 million as part of its restructuring efforts. A group of investors bought the assets of the metropolitan network operator for $20 million with the approval of a federal bankruptcy court in San Francisco. [source]
In 2005, Yipes Enterprise Services Raised $24 Million in Funding. So the VC's put in about $100M total. Yipes went cash flow positive in Feb. of 2007 according to a press release. Yipes was bought this week by Reliance Comm. of India for $300M cash. Interesting facts:
- "Yipes owns over 22,000 route kilometers of fiber across 14 U.S. metros."
- "Yipes has nearly 1,000 enterprise customers, concentrated across 4 industry verticals - financial, legal, government and healthcare - which currently account for 50% of the Ethernet market."
- The company also had a global presence including Europe and a POP in Hong Kong.