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Afilias brings registry management in house to create a fully integrated registry services company
DUBLIN, IRELAND - 26 March 2002 - Afilias Limited today announced that it has reached an agreement with Toronto-based Tucows, Inc. (OTCBB: TCOW) to acquire its wholly owned subsidiary LibertyRMS, Inc., a domain name registry services company for the management of generic top-level domains (gTLDs) and country code top-level domains (ccTLDs).
Under the terms of the definitive agreement, approved by the Board of Directors of each company, Afilias will acquire all of the outstanding shares of LibertyRMS, which are currently owned by Tucows Delaware, as well as all intellectual property associated with LibertyRMS registry software owned by Tucows Delaware. Tucows (Delaware) Inc. (Tucows Delaware) is a wholly owned subsidiary of Tucows Inc. The sale, which will be structured as a technology as well as a share purchase, will be subject to standard closing conditions.
"The acquisition of LibertyRMS is a strategic advancement for Afilias in becoming a full, global registry services provider," said Hal Lubsen, CEO of Afilias. "This acquisition provides Afilias with greater operational flexibility and adds to our strong core with state of the art EPP technology and talent that is tested and proven."
LibertyRMS has provided registry management services to Afilias since 2001, when Afilias launched the new .INFO gTLD, the most successful new TLD launch since .COM. Because of the high level of cooperation and integration that currently exists between the two companies, the acquisition is expected to be seamless and virtually invisible to customers.
"This agreement is a win for both Afilias and Tucows" said Elliot Noss, CEO of Tucows. "Not only does the acquisition help Afilias with its strategic goals, but it enables Tucows to meet our goal of returning to profitability sooner."
Once the acquisition is complete, LibertyRMS will remain a separate, wholly owned subsidiary of Afilias Limited operated out of Toronto, Canada, and will continue providing its back-end registry services for .INFO as well as its existing ccTLD customers.