FORT LAUDERDALE, FLA. (06/21/2000) - IFX Corp., which offers both free and fee-based Internet services in Latin America, has received US$45 million in private equity financing from UBS Capital Americas to strengthen its operations in the region.
UBS injected $25 million into IFX's Internet services operation for small and medium-sized businesses, called Unete, and $20 million into the company's free Internet services for consumers, called Tutopia.
The money will go towards beefing up the company's computer system infrastructure and expanding its sales and marketing efforts, IFX announced last week.
Launched in January, the Tutopia free Internet access service has already attracted 850,000 subscribers and it's available in 36 cities in 10 countries, including Argentina, México, Brazil, Chile, Panamá and Venezuela. Users who sign up for the free service get unlimited access to the Internet, an e-mail service accessible via POP3 or the Web and 15M bytes of e-mail storage. IFX generates revenue by selling advertisements on the service's companion Web site (http://www.tutopia.com/.)The Unete service, aimed at small and medium-sized businesses, includes Internet access, design and hosting of Web sites, VPN (virtual private network) services and electronic commerce services. It is available in 15 countries, including Argentina, Brazil, Chile, Colombia, México, Venezuela and the U.S.
More information is available at http://www.unete.com/.
The ISP (Internet service provider) market in Latin America is expected to grow at a 42 percent compound annual rate in the next five years, going from $1.41 billion in 1999 to $8.13 billion in 2004, according to International Data Corp.
IFX, based in Miami, can be reached at http://www.ifxcorp.com/.