RealTime IT News

PSINet Adds Tokyo to its Shopping Cart

Global Internet service provider PSINet Inc. today announced the acquisition of Tokyo Internet Corp., a regional ISP serving businesses, the small-office/home-office (SOHO) market, and individual users in Japan.

PSINet estimated that the acquisition will add over US$35 million in annualized revenue as well as nearly 6,000 leased line, colocate, Web hosting and dialup subscribers.

Terms of the agreement were not disclosed.

The company is continuing its shopaholic trend, as today's acquisition marks the latest in a string of recent Asian acquisitions. In August, the firm acquired Japanese ISP Rimnet, and it also owns companies in Hong Kong and Korea. Other holdings include those in Africa, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Switzerland, the United States, and the United Kingdom.

In related news, PSINet also announced that it completed its acquisition of Korean ISP Inet, Inc. The acquisition is expected to add over U.S. $11 million in annualized revenue, the firm said.

"Despite recent economic challenges, the pace of Internet growth in the Asia/Pacific region continues to surpass that of other regions," said William L. Schrader, chairman and CEO of PSINet Inc.

"Similar to North America and Europe, Internet usage in this region is evolving through several stages of maturity. Business utilization of the Internet continues to grow rapidly in the region and the sophistication of Internet use for business and individual productivity often exceeds that of other areas of the world," he added.