Wireless in-building provider Boingo is working with TAP Advisors on a sale process, said sources familiar with the situation.

Potentially interested parties have been engaged with sellside on a possible deal. The precise stage of the process was unclear.

Earlier this year, shareholder DigitalBridge Group had approached firms about Boingo as part of an informal market sounding.

TAP Advisors served as financial advisor to Boingo when DigitalBridge announced it acquired the company in a USD 854m, March 2021 take-private deal. Before that, Boingo stock had traded on the Nasdaq under ticker symbol WIFI since 2011.

Just like it did before the buyout, Boingo embarked on a number of projects and won contract with various vendors as a private company. It scored a wireless deal with Petco Park in San Diego and places like the Las Vegas Convention and Visitors Authority, Sheppard Air Force Base and Newark Liberty International Airport’s Terminal A.

Boingo designs, builds and manages converged, neutral host public and private networks at major venues around the world. Boingo’s footprint includes distributed antenna systems, Wi-Fi, small cells and macro towers in airports, transit stations, stadiums, military bases, hospitals, commercial properties and enterprises.

The Boingo auction comes at a time when other North American in-building wireless players have run processes or capital raises that were eventually pulled, paused or fizzled. Both Airwavz Solutions and Connectivity Wireless turned to debt raise processes after their auctions ran into issues.

DAS and small cell firm Extenet collected bids for its sale process back in the early spring, but those offers failed to inspire a deal. Instead, company executives have been weighing options including a corporate finance solution or some other means of transacting. That process is expected to continue into 2025, sources have said.

Atlanta, Georgia-based in-building network provider Quantum Wireless worked with Houlihan Lokey last year on a sale process that ultimately got pulled too, said other sources familiar with the matter. Houlihan declined to comment, while Quantum did not respond to a request for comment.

For now, some of those companies are waiting for market conditions to improve, and for the broader industry to establish precedent with renewing contracts with enterprise customers — only a recent phenomenon, industry executives have said.

DigitalBridge declined to comment. TAP and Boingo did not respond to requests for comment.