Crosslake Fibre to build submarine cable from New York to New Jersey
Canadian cable project specialists Crosslake Fibre have announced that they will be building a submarine fibre optic cable from Wall, New Jersey to Long Island, New York.
The cable will connect New Jersey and New York directly through the use of a 95km high fibre count submarine cable, providing a low latency route between the two regions.
“The need for a Manhattan bypass route is growing more critical with increased network congestion and weather-related threats in the region,” states Mike Cunningham, Chief Executive Officer of Crosslake Fibre.
“As additional transoceanic cables carrying much of the world’s Internet traffic land in the region, and growth on existing cables continues, new domestic connectivity onward from the Cable Landing Stations is important.”
The end points for the system are located at NJFX Cable in Wall, New Jersey and 1025Connect in Westbury, Long Island.
“The Crosslake Fibre subsea cable further adds to that ecosystem and brings a unique connectivity option for international and US carriers located here,” said Gil Santaliz, Chief Executive Officer of NJFX.
“Introducing the new Crosslake Fibre system adds another strategic option on the ‘Continental Edge’ and strengthens our position as the easternmost peering point in the metro area providing a truly diverse, subsea Manhattan Bypass route for customers,” said Dan Lunde, Managing Director of 1025Connect.
The US project follows on from Crosslake’s current Lake Ontario build that is progressing, with the company renowned for their niche submarine cable system development.
Once complete, Crosslake will both operate and manage the system independently.
Bukalapak raises $1.5bn in record Singapore IPO, say sources
Bukalapak, currently the fourth largest Indonesian ecommerce company, is said to have raised $1.5 billion in the first IPO by an Indonesian tech unicorn.
Three unidentified, but likely reliable, sources told Reuters the order books for Bukalapak’s IPO were covered by multiples, with one source claiming the issue attracted more than $6 billion in demand despite being listed at the top of its indicated price range.
Bukalapak's 50x growth
Bukalapak was looking to raise just $300 million just a few months ago. The figure grew to $800 million before rising to $1.5 billion as investors jockeyed for a piece of the company.
Covid-19 has had a positive impact on many ecommerce operators, and Bukalapak also has strong investment lines via Singapore sovereign investor GIC and Microsoft, among others. The company focuses on micro, small and medium-sized enterprises.
Indonesia is Southeast Asia’s biggest economy.
Indonesia’s four biggest ecommerce companies
Tokopedia is an Indonesian technology company specializing in e-commerce. It was founded in 2009 by William Tanuwijaya and Leontinus Alpha Edison.
Shopee was first launched in Singapore in 2015, and later expanded its reach to Malaysia, Thailand, Taiwan, Indonesia, Vietnam, the Philippines, Brazil, Mexico, Chile, and Colombia.
Lazada is a Singaporean multinational technology company which focuses mainly on e-commerce. Founded by Maximilian Bittner with the backing of Rocket Internet in 2012, it is currently owned by the Alibaba Group after its acquisition in 2016.
Bukalapak is an Indonesian e-commerce company. It was founded in 2010 as an online marketplace to enable small and medium enterprises go online and has expanded to support smaller traditional family owned businesses.