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GX buys CIX, XTML LTD
Merger of the acronyms
Mon 21 Jul 2003 //
16:54 UTC
GX Networks has bought two telecoms operations from Telenor for £1m in new shares.
They are Compulink Information eXchange Ltd, better known as CIX, now an ISP and once the nearest thing the UK ever got to The Well; and XTML Ltd, a business to business web hosting outfit.
The businesses are loss-making and had collective revenues of £11m in 2002. Net assets are £1m.
In a statement, GX Networks said the acquisitions took the company "one step further in establishing critical mass, increasing revenues and customers, whilst providing a faster route to profitability”. ®
Biting the hand that feeds IT
