PSINet Grabs ISP in Hungary
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PSINet continued its sweep of ISPs Wednesday by gobbling up Hungary's second largest ISP.
The purchase of Elender Informatikai es Szamitastechnikai, which has 27 percent of the country's Net connectivity market share, is PSINet's (PSIX) first acquisition in central Europe.
Financial terms were not disclosed.
With the largest business Internet customer base in Hungary, Elender's clientele makes up 55 percent of the company's user base and generates 75 percent of the company's revenues.
"The Hungarian telecommunications market is the most advanced in Central and Eastern Europe," said Harry G. Hobbs, president of PSINet Europe. "Elender's market position and strong management team make it an ideal acquisition for PSINET and will enable us to take a leading position in this fast growing marketplace."
PSINet has been acquiring service providers at the impressive pace of two per month and now enlists over 600 POPs worldwide. The company expects to spend over $500 million on similar shopping quests to fulfill its goal of being ranked one of the world's top-ranked ISPs.