Patricia Fusco
InternetNews.com Correspondent
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.
“This acquisition and the Hiway Technologies merger we plan to close
shortly gives Verio a tremendous boost toward becoming the world’s leading
provider of Internet services for small and midsize businesses.”
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.”
