VCTI Closes Out 2024 With 75 Percent Grant Application Win Rate
New Product Offerings Provide Actionable Insight and More Realistic Construction Cost Estimates
SOMERSET, N.J., Jan. 8, 2025 /PRNewswire/ -- VCTI, the broadband expansion and network technology experts, today announced a 75 percent win rate for grant applications submitted by clients, totaling more than $45M in federal and state awards for broadband expansion during Q4. These client successes contributed to VCTI's 20 percent growth this year. VCTI's base of service provider customers includes the nation's largest service providers, rural utility cooperatives, small and mid-sized fixed wireless and fiber operators, privately funded, highly aggressive overbuilders, and private equity firms and investment bankers seeking greater accuracy in the assessment of service provider market opportunity.
Client results and revenue growth were driven by the company's new AI-powered tool to assess aerial and underground deployment options, Fiber IQ™, and its Address Integrity Mapping (AIM) service. Given service providers' continued focus on broadband expansion in the BEAD era, VCTI's suite of automated intelligence solutions and services help customers make better, more accurate investment decisions earlier in the planning process without reliance on sending teams out into the field. This enables service providers to expand their networks to serve more people at lower cost, with greater speed, intelligence, and accuracy, while providing investors with greater confidence in the business plan projections.
"The broadband sector is racing to deliver broadband to the underserved, and to stake a claim to territories as competitors and incumbents battle it out for market share," explained VCTI CEO Raj Singh. "In the past, service providers planning to expand their networks needed to focus on either speed or accuracy when building the business case, but in today's hyper-competitive environment, that tradeoff no longer works. We've built solutions that use data, analytics, and the latest technologies to take the guesswork out of network build plans and prioritization by delivering BOTH speed and accuracy early in the process."
AI Powered Intelligence
In 2024, VCTI introduced Fiber IQ™, a new offering allowing service providers to obtain highly accurate broadband cost estimates early and quickly in the business planning process. Fiber IQ is powered by two solutions – Pole IQ™ and Geology IQ™ – that utilize AI to provide crucial insights into aerial and underground broadband deployment options and their respective cost implications without sending teams into the field for visual inspections. In recognition of the immense value Fiber IQ delivers, the product was awarded an ISE Network Innovators Award – Gold Level.
VCTI also introduced Address Integrity Mapping (AIM), another AI-powered service that helps broadband providers correct omissions in their systems, identifying untapped serviceable locations within the service provider's existing serviceable market. Using AIM with one service provider, VCTI identified a 3.5 percent increase in households within immediate reach of the existing network, translating into an increased market potential of $68 million annually. In some cases, AIM has increased the number of serviceable addresses across a providers' network by six percent or more.
The private equity and capital markets are taking note of VCTI's solutions and leveraging them to protect their investments. During 2024, VCTI was selected by a private equity firm to assess the business plan and market potential of a service provider seeking a $200 million investment to expand its market share.
Partnerships and Executive Team Growth
During Q4, VCTI and Amdocs, a leading provider of software and services to communications and media companies, signed a Value-Added Reseller Agreement. Amdocs intends to include VCTI's AIM solution as additional potential value to its robust BSS/OSS products.
VCTI also expanded its executive team. Tom Smith has joined the company as Senior Vice President of Sales. Tom is a seasoned sales and business development leader with over 25 years of experience in telecom and networking technology. He has worked with public, private, and VC/PE-backed companies focused on building wireline and wireless networks for consumer and business IP communications. Tom began his career at MCI Telecom (now Verizon Business) and has been instrumental in advancing broadband technologies, including fiber, DSL, cable, wireless, IoT, and smart city solutions.
About VCTI
VCTI offers a suite of SaaS-based applications that unlock the potential of service providers' broadband expansion investments. The Company uses cutting-edge data analytics to pinpoint regions with strong growth and ROI potential, while uncovering hidden opportunity within the existing footprint. This allows service providers to make business decisions quickly and decisively. A trusted partner to the most respected and innovative broadband and technology companies globally, VCTI is a privately held, global company headquartered in the US with offices in India. Learn more at www.vcti.io
Logo - https://mma.prnewswire.com/media/1498101/vcti_Logo.jpg
Share this article