Kent cashes its Net egg

The University of Kent has sold Internet provider EUnet GB to 바카라사이트 American company Performance Systems International for Pounds 2.94 million in cash and stock.

EUnet GB began in 바카라사이트 1980s as an offshoot of 바카라사이트 university's computing laboratory and grew to a business with approximately 760 commercial customers, which in 바카라사이트 year to July 31 1994 turned over Pounds 861,000.

Net profit for 바카라사이트 same year was a modest Pounds 64,000.

EUnet's new owner PSINet is a leading Internet provider in 바카라사이트 United States, with points of presence in more than 155 cities, and projected coverage of 225 cities by 바카라사이트 end of 1995.

It provides a range of access options from high-speed modem dial-up and ISDN for teleworkers and small businesses, to dedicated high-speed circuits for corporate customers. The acquisition of EUnet gives PSINet a foothold in Europe for 바카라사이트 first time.

The university accepted Pounds 2.5 million cash for 85 per cent of outstanding EUnet GB stock, and took 바카라사이트 rest of its payment in PSInet shares.

Dr Timothy Mead, registrar of 바카라사이트 university said: "We are delighted to have invested in an idea which is now realising commercial opportunities for United States, United Kingdom and European Internet activity and shall continue to watch its progress with interest."

Information on PSINet is available from its Web site at