As briefly reported (CI No 3,088) US Internet-access provider PSINet is to sell its ailing software unit, InterCon Systems Corp to Ascend Communications Inc for an undisclosed amount. PSINet said it expects to close the acquisition, which will not result in a material gain or loss, during the first quarter. Earlier this month, PSINet warned that it would post smaller-than- expected fourth-quarter earnings, as revenues were affected by its strategy shift announced last year. Sluggish sales in its software unit were one of the reasons for the lowered outlook.
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