Corio and Qwest sign agreement for Corio to acquire all ASP assets of Qwest CyberSolutions LLC

August 2, 2002

1 Min Read

SAN CARLOS, Calif. and DENVER -- Corio, Inc. (Nasdaq:CRIO - News), a leading enterprise application service provider (ASP), and Qwest Communications International Inc. (NYSE:Q - News), announced today that they have signed an agreement to transfer to Corio all of the ASP assets of Qwest CyberSolutions LLC (QCS), a subsidiary of Qwest. With this asset purchase, Corio, already ranked as a leader by IDC in their most recent ASP industry ranking report, significantly expands its position as a leading enterprise ASP. QCS customers will now receive service from Corio, and as part of the agreement with Qwest, the customers will remain at Qwest's data centers known as CyberCenters(sm). Corio will provide enhanced applications management and advanced enterprise ASP services to its expanded customer base. Corio will also purchase from Qwest ongoing network services including data center services, dedicated Internet access and storage solutions. "This is an extraordinary opportunity to combine two of the finest enterprise application service providers and to position Corio for long-term industry leadership," said George Kadifa, president, CEO and chairman of Corio. "Corio gains additional core capabilities and critical mass to support our long-term objectives and ensure our capability to provide best-in-class service. Our acquired customers gain the assurance that commitments and high service levels will be maintained." Corio Inc. Qwest Communications International Inc.

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