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Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: t2 who wrote (4739)	2/8/2000 9:09:00 PM
From: Kenneth E. Phillipps	Read Replies (1) \| Respond to of 14638

Nortel seen buying company for Net software rentals Tue Feb 08 19:51:00 EST 2000 OTTAWA, Feb 8 (Reuters) - Nortel Networks Corp. , a leading global communications company, will announce an acquisition on Wednesday to bolster a new services division that deals with the sale and rental of software over the Internet, a source close to the deal said on Tuesday. The source would not indicate what company was being bought by Nortel, but confirmed a "purchase" will be announced. Brampton, Ontario-based Nortel launched a new division in December to push the so-called application services provider (ASP) market. Nortel said in a statement on Tuesday that it would make an announcement on "new opportunities to make the Internet more profitable for businesses and service providers". A Webcast on Wednesday will include Rick Caruso, president of ASP, and Kannankote Srikanth, head of Nortel's global professional services, which supplies such services as system integration, network outsourcing and consulting. The ASP global market is estimated to be worth $23 billion by the year 2003, according to research firm Dataquest. Working with computer giant Hewlett-Packard Co. and three other software firms, Nortel said in December it would help firms that provide services over the Internet to certify, deliver and support applications with services it would launch in the first quarter. ((Susan Taylor, Reuters Ottawa Newsroom, 613-235-8385, e-mail susan.taylor1@reuters.com, fax 613-235-5890)) REUTERS Rtr 19:51 02-08-00 Copyright 2000, Reuters News Service Reuters content is the intellectual property of Reuters Limited. Any copying, republication, or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. Questions or comments should be directed to webmaster@ragingbull.com ¸ 1997-1999 Raging Bull, Inc.