Regional Internet solutions provider FirstWorld Communications Inc. Tuesday
continued its expansion with the acquisition of the fourth-largest ISP in the San Francisco Bay area.
FirstWorld will purchase all of the
outstanding capital stock of Sirius Solutions for approximately $7.5
million in addition to 285,000 shares of FirstWorld Communications Inc. Class B common stock.
The purchase of Sirius represents
FirstWorld’s second acquisition in the Bay area in less than two months.
FirstWorld acquired Slip.Net Inc. in
the first week of January this year. Purchasing Slip.Net’s 20,000 customer
base solidly positioned the company as a regional player in the
business-intensive Northern California Internet market. FirstWorld is based
in Colorado and currently offers Internet services in Northern California,
Oregon and Washington.
With the purchase of Sirius completed, FirstWorld will have a combined
customer base of more than 35,000 users, including more than
28,000 dial-up subscribers.
“FirstWorld Communications is focused on becoming a dominant player in the
Internet industry and we are pleased that with the acquisition of Sirius,
we are able to further establish the company as one of Northern
California’s top ISPs,” said Sheldon S. Ohringer, First World Communications president and chief
executive officer.
“Through our merger with FirstWorld, the new combined company becomes a
powerful player in the San Francisco Bay area, able to offer a broad array
of Internet and telephony services to businesses and consumers,” said
Andreas Glocker, Sirius Connections president and chief executive officer.
“We are excited about the opportunity to leverage our proven Internet
expertise and are dedicated to helping establish FirstWorld as a leader in
this dynamic industry,” said Glocker.
Glocker will continue to oversee all operations for Sirius Connections.