PSINet Inc. has gone
shopping again, and disclosed today it is adding yet another Internet
Service Provider to its international roster,
Japanese commercial ISP Rimnet Corp.
The acquisition’s financial terms were not made public. The company said it
expects to finalize the purchase this month.
PSINet said the ISP addition will enhance its profitability and add more
than U.S. $10 million in annualized revenues to PSINet’s international
business. According to PSINet, Japan is the second largest economy
worldwide and ranks second among the top 20 telecommunications markets.
Rimnet provides domestic and international Internet telephony,
international Internet faxing, and various application development
services. Beginning immediately, Rimnet and its clients will be provided
with PSINet’s dial-up and
dedicated Internet connectivity services.
In addition, PSINet will offer
Rimnet with other applications, including electronic commerce, security
services, Web hosting and multimedia, global roaming for remote access, and
intranet/extranet services.
During the past few months PSINet has made numerous international
acquisitions in a bid to expand its worldwide ISP presence, including the
purchase of a Korean ISP last week.
“Regarded as a pioneer in Japanese Internet connectivity services and
industry innovator, Rimnet has developed a loyal client base through
well-established customer support and high-quality services,” said William
L. Schrader, PSINet Inc. chairman, president and chief executive officer.
