Cable & Wireless Goes on Buying Spree
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[London, ENGLAND] Cable & Wireless Tuesday acquired five Internet-related businesses in Europe in deals worth more than $100 million.
Cable & Wireless says the five companies will add $40 million to its annual revenues in Europe as well as bring in 30,000 more customers.
Spread across Europe, the five companies are French ISP Pictime; German ISP Point of Presence; Spanish network integrator Eaisa Group; and two Dutch companies: Impact Group, another network integrator with a branch in Belgium, and Widexs, the largest independent hosting company in the Netherlands.
Graham Wallace, chief executive, Cable & Wireless, said the new investments were part of an aggressive expansion into the European business-related Internet industry.
"The acquisitions announced today bring additional support, product flexibility and skills to ensure we continue to provide our customers with the highest quality business IP solutions throughout Europe," said Heraghty.
The companies acquired by Cable & Wireless this week are all very small in comparison to their new owner. Pictime employs 50 people and has 1,000 business customers; while Widexs employs just 15 people and hosts around 23,000 domain names in the Netherlands.
Taken together, the five companies will add a total of 250 skilled staff to Cable & Wireless, although their annual revenue will not greatly increase the company's annual revenues of $14 billion.
To date, Cable & Wireless has invested $650 million in its European acquisition program, aimed at bringing a whole range of IP related services to European business customers.