Global Crossing, which is developing a worldwide fibre-optic IP network, has acquired IXnet and its parent company IPC Communications to bolster its presence in the financial market.
IXnet hosts and distributes analytical data, news, streaming video and research to providers of online content to the global financial community. The company boasts points of presence in 37 countries and 1450 customer access nodes.
As part of the $3.8bn (£2.4bn) deal, Global Crossing will acquire IXnet's parent company IPC Communications, which provides desktop financial trading systems.
"We will now move to the next level beyond providing building to building connnectivity in major cities to providing desktop-to-desktop connectivity for multinational corporations," said Bob Annunziata, Global Crossing chief executive.
Leo Hindrey, chief executive of Globals Globalcenter web hosting business, said: "Web hosting for financial services firms is a rapidly growing market, and financial institutions have become the second largest users of web hosting services."
The company is building a global fibre-optic network that will serve five continents, 24 countries and 200 major cities.
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