The Irish Internet service provider, MediaNet, has been acquired by VIA NET.WORKS, a US-owned Internet and e-commerce company, as part of an expansion programme in nine countries throughout Europe and South America.
The new company will trade under the VIA NET.WORKS Ireland name, and will offer a comprehensive range of Internet-based services to small and mid-sized companies.
Terms of the acquisition were not disclosed, but it is understood the deal was worth in the region of £10 million. Founding partners of MediaNet, Mr Tom Kelly and Mr Stuart Fogarty, will benefit from the deal and will continue to hold 40 per cent equity in the company.
Mr Kelly will continue as managing director and Mr Fogarty will play a role in the day-to-day running of the company.
VIA NET.WORKS Ireland has a client list which includes Ulster Bank, TSB, FM 104, Independent Newspapers, Unidare, Irish Rail and Knowledgewell.
VIA NET.WORKS, the parent company, recently acquired 15 locally-managed Internet companies throughout Europe and Latin America. These were financed by raising $128 million in private equity financing in May of this year. It is a facilities-based telecommunications carrier which offers clients a range of Internet based services.
