PSINet Continues Buying Spree in South America
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PSINet Inc. (PSIX) Wednesday continued its overseas buying spree, purchasing Netline Comunicaciones S.A., the third largest ISP in Chile, and Netsystem, a networking and Internet connectivity provider based in Argentina.
The acquisition marks PSINet's entry into its 20th country. The mega ISP's goal is to rank as in the top five ISP rankings in each of the world's top 20 markets.
Terms of the agreements were not disclosed.
Netline currently offers dial-up and dedicated access, but as with the rest of PSINet's myriad of ISP purchases, it will have access to all of PSINet's services once the acquisition is complete.
"The acquisitions of Netsystem and Netline provide PSINet an excellent platform to take advantage of the growth opportunities in the region and will help transform PSINet into a leader of corporate services in Argentina, Chile and the remainder of Latin America," said Philippe Kuperman, president of PSINet Latin America.
Enrique Draier will now serve as general manager of PSINet's newly created Southern Cone region, and will direct the company's operations in Argentina, Bolivia, Chile, Paraguay, Peru and Uruguay.
PSINet intends to continue its pace of expansion throughout South America, said Draier. The company has purchased five ISPs in the region since April.