Verio Inc., a
provider of comprehensive business Internet services, is issuing a $400
million private placement to fund its acquisition strategy.
Verio expects to use proceeds of this offering to fund a portion of the
its acquisition of e-commerce and Web hosting company Hiway
Technologies. That deal is expected to close at the beginning of 1999.
The company expects to use the remaining proceeds of the offering to
continue its aggressive acquisition efforts.
“Verio’s demonstrated ability to access the capital markets has been key to
our rapid growth,” said Verio CEO Justin L. Jaschke. “As one of the fastest-
growing companies in the Internet, this additional financing provides even
greater flexibility to pursue a number of exciting opportunities as we
strengthen our market presence, expand our enhanced service offerings and
build new distribution channels.”
Verio is a leading provider of comprehensive business Internet
services–including broadband connectivity, virtual private networks, Web
hosting solutions and e-commerce solutions–with an emphasis on serving the
small and mid-sized business market.
Verio delivers locally based sales and engineering support in 39 of the top
50 U.S. markets under the Verio brand name and provides Web hosting services
to customers in more than 100 countries.
