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DSL.net in Growth Mode
New Haven dot.com acquires Minnesota Internet firm
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BNH
6/1/2000
By: BNH
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The New Haven-based DSL.net, a direct provider of high-speed data and Internet communications for businesses, has acquired Vector Internet Services Inc. - VISI.com - a Minneapolis-based business-to-business Internet solution provider.
Founded in 1994, VISI.com operates multiple secure data centers and offers Internet business solutions including Web hosting, server collocation, dedicated access and Web design and development.
"With VISI.com, DSL.net expands its already significant national footprint with the addition of a company known for providing reliable, high quality service to Midwestern businesses,'' said David F. Struwas, president and CEO of DSL.net. "The addition of VISI.com's world-class data centers and proven expertise in hosting, Web site design and Web development brings new skills and market opportunities to DSL.net and allows us to offer a broader range of products to our customers across the country. We look forward to working with them to further develop integrated business solutions that help emerging enterprises leverage the power of the Internet."
DSL.net is a pioneer in providing high-speed DSL (Digital Subscriber Line) Internet access solutions to small and medium-sized businesses, primarily in U.S. cities with a population of less than one million. In addition to broadband access, DSL.net offers customers a variety of Internet and business services.
"We're excited to be joining forces with DSL.net, a company that shares our focus on mission-critical, business-to-business Internet solutions," said Al Angen, president of VISI.com. "Our VISI.com customers will continue to receive the same high performance and superior customer service they've come to expect, plus the value-added business services DSL.net already delivers."
As of March 31, DSL.net had provided service in 186 cities. For the first quarter ended March 31, DSL.net posted a net loss of $18.3 million on revenues of $1.7 million, reflecting subscriber growth offset by increased network expenses.
On May 30, the day the acquisition was announced, DSL.net shares were unchanged at $6.50 on the NASDAQ stock exchange.
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