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.
