Asia Online Receives $35 Million From VCs
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Joining J.P. Morgan in the venture capital closing are Pequot Capital, GE Equity, Softbank Technology Ventures, Nexus Capital Partners and Concentric Network.
The company plans to use the financing to enter the Asia Pacific region through strategic acquisitions of ISPs, online service providers, Web developers and Web hosting companies. Asia Online also plans to build data centers and other infrastructure to support anticipated growth.
Kevin Randolph, Asia Online's chief executive, credited Softbank for expansions made earlier in the year and said with J.P. Morgan's backing there would be "no stopping" the company's new pan-Asian initiative.
The company has established itself as an ISP in Hong Kong and in the Web development market in the Philippines, and recently opened an office in California for sales and marketing in the Americas.