Pangea Network Enters Service in Northern Europe
Page 1 of 1
London, ENGLAND -- Backed by U.S. investment companies, Pangea Ltd. this week announced that its network for voice, data, video and Internet transmission is now in service in northern Europe.
At a network launch in London, Pangea also announced the appointment of Anthony J. Cassara as chief executive and Larry Codacovi as chairman of the board.
Extending for 11,500 kilometers (7,150 miles), the Pangea Network covers northern Europe, Scandinavia and the Baltic Region, substantially increasing capacity in some countries where the infrastructure has been relatively weak.
"Our goal is to become the key alternative provider in some of the fastest growing but under-served sectors of the European marketplace -- the North Sea and Baltic regions," said Chairman Larry Codacovi.
"Our initial focus is on delivering services to the wholesale market and customers, including ISPs, broadband access providers, local PTOs, ASPs and e-commerce companies," said Codacovi.
Recently, Pangea Network signed Swedish broadband operator Arrowhead AB and worldwide network operator Equant NV as two of its major customers. It will need to secure many more to run its network at full capacity.
Pangea says it has invested approximately US $470 million in its terrestrial and submarine fiber-optic cable system. The system links business centers in the North Sea and the Baltic Sea regions -- including cities such as London, Amsterdam, Paris, Dusseldorf, Frankfurt, Munich, Berlin, Hamburg, Copenhagen, Malmo, Stockholm, Gothenburg, Oslo, Helsinki and Tallin -- with New York and the rest of the world.
Prospects look bright for Pangea and other fiber network operators. Analysts have predicted a massive increase in Internet bandwidth requirements across Northern Europe, with IP services reaching US $6.6 billion by 2006.
Based in Hamilton, Bermuda, Pangea is funded by a group of U.S. investment firms that includes Dolphin Communications, Columbia Capital, Harbourvest Partners, Madison Dearborn Partners and Norwest Venture Partners. Morgan Stanley Dean Witter has also arranged investment for the venture.