RealTime IT News

Verio Secures Funding for Acquisitions

Verio Inc., a provider of comprehensive business Internet services, is issuing a $400 million private placement to fund its acquisition strategy.

Verio expects to use proceeds of this offering to fund a portion of the its acquisition of e-commerce and Web hosting company Hiway Technologies. That deal is expected to close at the beginning of 1999. The company expects to use the remaining proceeds of the offering to continue its aggressive acquisition efforts.

"Verio's demonstrated ability to access the capital markets has been key to our rapid growth," said Verio CEO Justin L. Jaschke. "As one of the fastest- growing companies in the Internet, this additional financing provides even greater flexibility to pursue a number of exciting opportunities as we strengthen our market presence, expand our enhanced service offerings and build new distribution channels."

Verio is a leading provider of comprehensive business Internet services--including broadband connectivity, virtual private networks, Web hosting solutions and e-commerce solutions--with an emphasis on serving the small and mid-sized business market.

Verio delivers locally based sales and engineering support in 39 of the top 50 U.S. markets under the Verio brand name and provides Web hosting services to customers in more than 100 countries.