Telecommunications giant AT&T Inc. said Friday it concluded its $300 million purchase of USinternetworking Inc., a high tech firm that re-established its business after filing for bankruptcy in early 2002.
AT&T first announced it would acquire USi for about $300 million in cash and would assume its debt. The telecom company said the acquisition of USi will allow AT&T â€œto tap into the burgeoning applications management market.â€
â€œWe look forward to combining USi's technology and expertise in applications management with AT&T's global reach, networking expertise and extensive hosting capabilities,â€ Forrest Miller, group president of AT&T's enterprise services organization, said in a statement.
USi will join AT&T's existing organization set-up and AT&T expects to retain USi's management team and its domestic and international operations, according to the statement.
â€œThis was a profitable, growing company with a lot of value and we were dealing with someone who had a clearly articulated strategy for why they want to be in this business,â€ Stern added.