Verio Inc. Acquisition Expands Internet Services to 41 of Top 50 U.S. Markets
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Verio Inc. Monday acquired Internet Access Group, Inc., a regional ISP based in Cleveland, Ohio, in a deal that expands Verio's offerings to 41 of the top 50 U.S. markets.
The acquisition included IAG affiliates Great Plains Net Inc. and QualNet Inc. The deal broadens Verio's Midwest presence and makes Verio one of the largest Internet service providers in the Midwest. IAG had total revenues of approximately $2.0 million for the three months ended November 1998. Verio's total purchase price for this acquisition was about $15.1 million. Following a transition period, Verio will operate IAG and its affiliates under the Verio brand name.
"The IAG acquisition significantly augments Verio's increasing presence in the Midwest region and brings us another step closer to serving the top 50 U.S. markets," said Verio Chief Executive Officer Justin Jaschke.
Founded in 1995, IAG focused on providing high-speed dedicated Internet access, firewall services, and other business Internet services to its 5,000-plus customers, which include the American Red Cross, Rock'n'Roll Hall of Fame, Buchanon Ingersol and The Limited Inc.
"IAG is pleased to become part of one of the nation's leading business Internet providers," said IAG President Stephen Abbey. "Our merger with Verio provides IAG customers with a high-performance network and expanded offerings in Web hosting, virtual private networks, electronic commerce and other services."