Euroweb Buys Hungary-Based Navigator for 8.3 Million Euro

Budapest -- Euroweb International Corp., a U.S.-based Internet service
provider (ISP), announced that it has acquired Navigator Group, a
Hungary-based IT services vendor, for approximately 8.3 million euro
in cash and shares. Navigator, which provides IT outsourcing,
applications development and IT consulting services, is owned by the
Wallis Group. Euroweb, which already has operations in Hungary,
Slovakia and Romania, said the acquisition was the company's first
foray into IT services. "We are confident of the strong upside potential
that this first move into the IT sector brings to our company," said
Euroweb CEO Csaba Toro. "We look at this acquisition as our first step
into IT services, and we intend to aggressively seek additional
opportunities in this industry, in order to bring more and more value to
our shareholders."
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