Magnet Networks has completed an agreement to acquire Netsource, Ireland's third largest, and the only dedicated business-to-business, internet service provider (ISP). The deal must be approved by the Competition Authority.
Announcing the agreement yesterday, Magnet Networks executive chairman, Kenneth Peterson Jr said it will position the company as a pre-eminent service provider to the Irish business community for broadband, voice and data services.
"The combination of Netsource's established customer base with Magnet Networks' technology accelerates the potential return on investment in our network," he said.
Netsource has more than 4,000 corporate and small business customers which include Ernst & Young, Allianz Worldwide Care, Boyne Valley Foods, Alphyra and Dublin Port. They will now migrate to Magnet Network's unbundled local loop network, in which €65 million is being invested in Ireland over the next two years.
The deal follows the purchase of Leap Broadband in May last year by Magnet Networks' parent company, Columbia Ventures Corporation.
"The acquisition of Netsource and further integration into the business market is a key part of Magnet Network's growth strategy. It consolidates our offer, but our ambitions will not stop here," Mr Peterson said.
Founded in 1995, Netsource is one of Ireland's longest established business internet service providers and specialises in delivering business class internet services to the teleworker, SME and corporate sectors nationwide.
These services include internet access services, managed email, hosting and security services and data backup services.
