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RealTime IT News

USWeb Restructures, Acquires Network Solutions Firm

Internet strategy services provider USWeb Corp. today said it is restructuring the company into three divisions in an effort to spur growth and acquisitions.

In addition, the company separately announced the acquisition of Gray Peak Technologies, a New York-based network solutions company, in a stock swap deal estimated to be worth between $80 and $100 million.

USWeb will be segmented into the following areas: USWeb Strategies, which will offer strategy consulting services; USWeb Technologies, providing development of Internet applications and network systems implementation services; and USWeb Studio, for creation, design, and online marketing services.

"For the promise of Internet technologies to be realized inside any corporation, Internet solutions must have three components: a sound strategy that identifies how the Internet can improve fundamental business processes; a technical foundation that allows companies to leverage existing IT infrastructures and use the Internet to improve business efficiency; and a visual appeal that is compelling and easy to navigate," said Joe Firmage, chairman and CEO of USWeb Corporation.

"That's the reason we've chosen to organize this way, and our approach is being validated by the caliber and number of clients we're attracting. We've been working to reach this point for over two years now, and believe we're the only strategic Internet services firm that has the breadth and depth of expertise to organize in this manner."

USWeb said the restructuring is also aimed at boosting an aggressive acquisition strategy it says is driven by Fortune 500 companies seeking Internet counsel.

The company added that the Gray Peak acquisition will enable it to deliver new Internet network engineering, network management, network integration, network security, and voice over IP services.