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July 16, 1998

RCN BUYS ANOTHER ISP – JAVANET FOR $15.8M

By CBR Staff Writer

RCN Corp, the Princeton, New Jersey-based local and long-distance telecom, cable and internet service provider has acquired another ISP, this time paying $15.8m in cash and stock for Springfield, Massachusetts-based JavaNet, which has 30,000 dial-up and 400 dedicated line and web hosting customers, mainly in the education market. JavaNet (if there was ever a gratuitous Java namedropper, this has to be it) is said to have an annual run rate of about $7m and concentrates on linking pubic school systems and higher education institutions throughout the north east. The deal involves $13.4m in RCN stock and $2.4m cash. RCN closed up $1.875 at $24.125. RCN acquired New York-based ISP Interport Communications Inc at the start of June.

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