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PSINet Expands to Third Largest Internet Provider in Brazil
Business Wire - May 24, 1999 08:46
HERNDON, Va.--(BUSINESS WIRE)--May 24, 1999--
Acquires Sao Paulo-Based ISP Third Purchase Within 30 Days
PSINet Inc. (NASDAQ: PSIX), the first and largest independent facilities based commercial Internet service provider (ISP), today announced the acquisition of STI, the fourth largest Brazilian ISP. The acquisition follows PSINet's April acquisition of two other ISP's in Brazil, and clearly establishes its position as the third largest ISP in Brazil. In April, PSINet acquired Openlink (Rio de Janeiro) and Horizontes Internet (Minas Gerais).
STI is based in Sao Paulo, the largest state in Brazil. The company serves both businesses and consumers with dedicated and dial-up connectivity as well as Web hosting capabilities. STI, a privately held company, will add three points of presence (POPs) to PSINet bringing the worldwide total to 530 POPs.
"The growth of Internet usage, both corporate and consumer, in Latin America is enormous," said Harold S. (Pete) Wills, PSINet president and chief operating officer. "With a population exceeding 35 million, Sao Paulo is a key market within Brazil. This acquisition reinforces our strategy to become one of the top three ISPs in each of the top twenty global markets. We continue to acquire strong companies with talented local managers as we expand."
By combining the assets and capabilities of STI, Horizontes Internet and Openlink with those of PSINet, the company will bring a wide range of Internet services and support to Brazil. Once integrated within PSINet's global operations, STI customers will have access to PSINet's full portfolio of dial-up and dedicated connectivity services. All of PSINet's value-added services will then be added, including electronic commerce, Web hosting, global roaming, intranet, Internet faxing, voice-over-IP and security services, bringing additional capabilities and benefits to customers throughout Brazil.
Terms of the agreements were not disclosed. STI is expected to be accretive to PSINet's EBITDA (earnings before interest, tax, depreciation and amortization.)
Headquartered in Herndon, VA, PSINet is a global facilities-based Internet data communications carrier focused on the business marketplace. PSINet offers a broad set of high-speed corporate LAN connectivity services supporting managed security and guaranteed Internet, intranet, electronic commerce, Web hosting services, and services for other carriers and ISPs. PSINet operates an international technologically advanced frame relay and ATM-based, IP-optimized network consisting of more than 530 POPs around the world serving primary markets in Belgium, Brazil, Canada, France, Germany, Hong Kong, Italy, Japan, the Netherlands, the Republic of Korea, Switzerland, the United States, and the United Kingdom. PSINet information can be obtained by e-mail at info@psi.com, by accessing the Web site at psinet.com or by calling toll free 1-800-799-0675.
CONTACT: Media Contact:
PSInet, Herndon
Reid Walker, 703/375-1103
rwalker@psi.com
or
Analyst Contact:
Kelli Harrington Nemer, 703/375-1245
harringtonk@psi.com
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%VA-PSINET PSIX %VIRGINIA %COMPUTERS %ELECTRONICS %COMED %INTERACTIVE %MULTIMEDIA %INTERNET %MERGERS %ACQ V%BW P%BW
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