Jan, 2002 : TELUS Ventures Invests $2 Million in Hostopia

📅 January 31, 2002 - TELUS Ventures, the investment arm of Canadian telecommunications firm TELUS (telus.com), said today it had invested US$2 million in Hostopia (hostopia.com ), a Toronto-based firm specializing in private label Web hosting services.

Hostopia is an anchor tenant at TELUS' Toronto data center, and TELUS has incorporated Hostopia's hosting software solution as part of its Web hosting package targeting the Small-Medium Enterprise (SME) market. TELUS said the investment, which part of a US$5 million financing package, will enable Hostopia to sustain its high rate of growth, eliminate its borrowing and achieve positive cash flow from operations in 2002.
Hostopia sells outsourced Web-hosting to telecommunications companies, ISPs, cable companies and Internet domain registrars and was recently rated "Best Private Label Host" in the industry according to Web Hosting Magazine (whmag.com). TELUS' investment in Hostopia will further enhance TELUS' capabilities to provide its customers with the latest data, IP and wireless services that complement TELUS' core products and services by providing versatile hosting solutions.
"Hostopia is an excellent strategic fit for TELUS with a high-quality management team and a strong position in the SME market, one of the fastest growing business markets in North America," said Mark Schnarr, TELUS Executive Vice President and President of TELUS Ventures.
"The extensive due diligence of TELUS Ventures lends credence to our business plan that calls for significant growth in the coming years," said Hostopia Franc Nemanic, Hostopia President. "In this climate of restricted access to capital for most of the technology sector, this investment by TELUS validates our performance to date as a high-growth leader in virtual hosting and our very exciting future growth prospects."
TELUS Ventures manages TELUS' venture capital fund, targeting start-up businesses and emerging technology ventures.

Reads: 1923 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/telus013102.cfm

Company: Hostopia

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