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Pacnet Creates Equity Joint Venture With Zhong Ren Telecom
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This new joint venture strengthens Pacnet's local support capabilities.
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Thursday, July 03, 2008:
Pacnet has announced its strategic expansion into China through the launch of Pacnet Business Solutions Limited, an equity joint venture (EJV) with China-based ISP Zhong Ren Telecom. Under the terms of the agreement, Pacnet and Zhong Ren Telecom will each hold 50 per cent 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.
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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."
Added Lily Zhang, managing director, Pacnet China, "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, EJV and founder, Zhong Ren Telecom.
Pacnet's EJV partner, Zhong Ren Telecom, currently has an IP VPN licence 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.
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