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RealTime IT News

Verio Acquires Florida Firms PacketWorks, MagicNet

Internet services provider Verio Inc. today announced it added to its Southeast regional operations by acquiring Florida Internet providers MagicNet, Inc., based in Orlando, and PacketWorks in Clearwater.

Verio said it paid approximately $4.16 million in cash for the two companies which in combination had approximately $847,000 in revenue for the three months ended on April 30, 1998.

Today's acquisitions are aimed at adding the Orlando market to Verio's growing national network which now offers locally-based sales and engineering support in 38 of the top 50 U.S. markets under the Verio brand name. Verio established Southeast operations in June 1998 with the acquisition of West Palm Beach-based Florida Internet Corporation.

In conjunction with today's announcement, Verio also named former Verio Texas General Manager and Vice President Jimmy Treuting as President of Verio Southeast. He will have overall responsibility for the growth and profitability of Verio's operations in the Southeast business market, the firm said.