VIA Sells Operation, Buys KPNQwest Clients

• By theWHIR.com , August 20, 2002

•   Digg
    Delicious
    Reddit
    Newsvine
    Stumbleupon
    Twitter
  Facebook

  (close)

  From:

  To:

  (close)
  Share | Send | Print | Comments (0)

August 20, 2002 -- (WEB HOST INDUSTRY REVIEW) -- Managed Internet service provider VIA NET.WORKS (VIANETWORKS.com) announced on Monday that it has sold its Irish subsidiary VIA NET.WORKS Ireland Limited to a group that includes the operation?s former managing director.

As part of the sale, says VIA, VIA NET.WORKS? UK operation will provide transition services to the sold operation for up to nine months. The company will also continue to operate under the name VIA NET.WORKS Ireland for up to nine months to allow for a smooth branding transitions.

VIA sold the entire capital stock of its Irish subsidiary in a move similar to the divestiture of its Brazilian, Argentine and Austrian businesses earlier this year.

"The sale of our Irish operations represents further progress in our turnaround plan that is focused on reducing cash burn and driving the company towards profitability," said Karl Maier, president, chief operating officer and acting CEO of VIA NET.WORKS. "The disposition of these operations will permit us to enhance our focus on VIA's core markets as well as to pursue our operational and financial objectives."

Along with the sale of its Irish operation, VIA NET.WORKS announced that it has purchased the exclusive rights to market to and continue providing services to KPNQwest?s customers in Switzerland. The Swiss operations of KPNQwest were placed in bankruptcy during June.

"We are extremely pleased by our progress to date in converting former KPNQwest customers to VIA services," says Franz Grueter, managing director of VIA?s Swiss operations. "The customers have been very receptive to our service offerings and capabilities. We believe that this is a meaningful deal for VIA Switzerland as it will more than double our existing revenue base and add to our operating profitability."

• Print | Comments (0)

OLDER:  Tucows Sells Non-Strategic Assets

|

NEWER:   AT&T to Host FirstGov.gov

• (0) Comments
• View Post