PSINet Inc, the commercial internet service provider with big ambitions outside the United States, has agreed to acquire Japanese commercial ISP Rimnet Inc for an undisclosed sum. The announcement follows PSINet’s purchases of Korean ISP I-Net and Canadian outfit Interlog. PSINet is fast becoming the international equivalent to domestic ISP conglomerate Verio, with this exception: it’s obviously a good time to be shopping for subsidiaries abroad, with currencies in all three target countries weak against the US dollar. Will those currencies improve? PSINet is betting that they will. It says the Rimnet buy should add around $10m to its profits in the first year, and claims the acquisition strengthens its own position in the world’s second largest economy and second largest telecommunications market. As for Rimnet, its business and dial- up subscribers get immediate access to PSINet’s connectivity, ecommerce, security, web hosting and global roaming services.
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