RealTime IT News

Pacific Century CyberWorks, SoftNet Systems Launch Pacific Broadband Bid

Broadband service provider SoftNet Systems Inc. and Pacific Century CyberWorks Ltd. Thursday launched a joint venture in Asia.

Pacific Century SoftNet has been formed to develop broadband market on the Pacific. The hybrid firm seeks to offer broadband services to cable operators and their 130 million subscribers in more than 50 Asian countries.

Lawrence Brilliant, SoftNet (SOFN) chairman and chief executive officer, said the joint venture makes the most of the companies combined expertise to capture the Asian broadband market.

"The joint venture will provide the advanced network engineering, marketing and technical expertise necessary to empower Asian cable companies to upgrade existing systems to provide broadband services to their subscribers," Brilliant said.

He added the Asian market was the place to be because its broadband market is about to explode.

"Asia is currently the most exciting market for the growing Internet economy and PCCW's ability to exploit emerging technology trends makes it the preferred Internet partner for companies such as SoftNet," Brilliant said.

Pacific Century CyberWorks Limited is the technology flagship of the Pacific Century Group. Hubert Ng, Pacific Convergence Corp. chief executive officer, said the creation of Pacific Century SoftNet is another exciting step for PCCW it continues to be the force behind the Internet revolution in Asia.

"The creation of Pacific Century SoftNet is another exciting step for PCCW as we continue to pioneer the Internet revolution in Asia," Ng said. "SoftNet's ISP Channel has already launched more than 70 cable operations in the U.S. to deliver high speed broadband, giving it a demonstrated ability to help us bring broadband to Asia."

The launch of Pacific Century SoftNet is an extension of the January $129 million transaction in which PCCW bought five million shares of SoftNet common stock. As SoftNet's largest shareholder, George Chan, executive vice president of Pacific Century Group, was appointed to SoftNet's board of directors.