Internet service provider PSINet Inc. today acquired privately held JoinNet, a Taiwan ISP. The acquisition marks PSINet's first entry into Taiwan and is a move the company says will help it enter the world's top 20 telecom markets.
JoinNet provides businesses and consumers with Internet access, Web hosting, and E-mail services. Through the acquisition, PSINet will make its global roaming, E-commerce, intranet, and security services available to JoinNet customers.
Terms of the deal, which is closed, were not disclosed, but the JoinNet transaction is expected to be accretive to earnings before interest, tax, depreciation and amortization.
JoinNet will continue to operate out of its Taipei headquarters with its staff and management intact, according to a PSINet spokesman. JoinNet's reported annual revenue last year was $650,000.
By late afternoon, PSINet stock was down more than 2.4% to 63-1/4.