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Press Releases
Equity Joint Venture marks another milestone in Pacnet’s strategic focus on expanding coverage of its leading-edge IP-based communication solutions into the PRC market Hong Kong, 4 July 2008 -- HONG KONG, July 3 /Xinhua-PRNewswire/ -- Pacnet today announced its strategic expansion into China through the launch of Pacnet Business Solutions Limited, an equity joint venture (EJV) with China-based Internet Service Provider (ISP) Zhong Ren Telecom. Under the terms of the agreement, Pacnet and Zhong Ren Telecom will each hold 50% of the equity interest of Pacnet Business Solutions Limited. The strategic alliance will enable both companies to leverage each other’s strengths to offer advanced telecommunications services to small, medium and large enterprises in China. China, which already boasts the second largest Internet population in the world with 210 million people online, continues to see significant growth in the consumption of international bandwidth. According to statistics from research firm TeleGeography, China’s average international Internet traffic usage has grown more than five times from 36 Gbps in 2004 to 187 Gbps in 2007. "Through our EJV collaboration, Pacnet Business Solutions Limited will leverage enhanced capabilities from both companies to deliver value-added communication solutions to businesses," said Bill Barney, Chief Executive Officer, Pacnet. "Our customers will also gain the benefits of seamless international connectivity via Pacnet’s next generation EAC-C2C subsea cable network, which lands in Shanghai and Qingdao." Lily Zhang, Managing Director, Pacnet China added: "This new joint venture strengthens our local support capabilities and broadens our scope of offerings so that Pacnet China can deliver more value added services to new and existing customers in all market segments." "Today’s announcement marks a new chapter as we expand service options and solidify our position to support businesses in China. This is truly a win-win partnership and which will enable us to deliver the best solutions for Chinese companies to compete in the global marketplace," said Henry Lam, General Manager of the EJV and founder of Zhong Ren Telecom. Pacnet’s EJV partner, Zhong Ren Telecom, currently has an IP VPN license for Guangdong province and an established presence in Southern China and Beijing. Prior to the signing of the current EJV agreement, Zhong Ren Telecom had a strategic partnership with Pacific Internet which dates back to 2006. In January 2008, Pacific Internet was operationally integrated with regional subsea cable operator Asia Netcom to become Pacnet. Pacnet is one of the pioneers of MPLS in Asia with a regional MPLS-TE (traffic-engineered) infrastructure. The company was first to bring to market an IP VPN service with powerful features, including 5 Class-of-Service subscription options and usage-based pricing and M-Flex (up to 10 Mbps access), the industry’s first pay-as-you-go IP VPN offering. Over the years, Pacnet has also leveraged the capabilities of MPLS to deploy a range of value-added services, including consolidated Internet Access, Remote IPSec Access and integrated voice services. About Pacnet: Pacnet is the region’s largest independent telecommunications service provider, formed from the operational merger of Asia Netcom and Pacific Internet. Pacnet owns and operates EAC-C2C, Asia’s largest privately-owned submarine cable network at 36,800 km, with a design capacity of 10.24 Tbps. The company offers a comprehensive portfolio of industry leading IP-based solutions for carriers, large enterprises and SMEs. Pacnet is headquartered in Hong Kong and Singapore, with offices in all key markets in Asia and North America. In China, Pacnet Business Solutions Limited offers advanced telecommunications solutions tailored for small and medium enterprises, while Pacnet China offers leading-edge solutions for large enterprises and carriers. For more information, please visit: http://www.pacnet.com . About Zhong Ren Telecom Zhong Ren Telecom, a key IP solution and service provider in China, offers world-class standard IP VPN, Internet Data Centre and Internet access, with presence in Shenzhen, Beijing, Shanghai, Guangzhou, Dongguan, Zhongshan, Huizhou and Suzhou. For more information, please visit: http://www.zhong-ren.net . Media Contacts: Lorain Wong Pacnet Tel: +852-2121-2973 Email: Roland Lim Pacnet Tel: +852-2121-2975 Email: Submitted by Xinhua PR Newswire, Xinhua PR Newswire on Friday, 4 July 2008 at 12:00 PM Category: Enterprise Technology |
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