Pacific Internet - History

History

Pacific Internet started in 1989 as TechNet, a research and development computer network for use by academia at the National University of Singapore.

In 1995, a Singapore conglomerate Sembawang Group, established SembMedia, which eventually purchased TechNet and commercialized its services in September 1995, with the launch of Pacific Internet Corporation Pte Ltd in Singapore.

The following year, the group expanded into Hong Kong via an acquisition and in 1997, commenced its Philippines operations through a local partner and eventually acquired an equity stake in its local partner a year later.

Pacific Internet launched its initial public offering of shares on NASDAQ on 5 February 1999 at a price of US$17 per share and was one of a handful of Singapore-based companies to have listed on the NASDAQ.

In 1999, Pacific Internet started its Australian operations with the acquisition of two ISPs. By 2000, further acquisitions of Australian ISPs brought Pacific Internet into six major cities in Australia, including Zeta Internet in Sydney.

Pacific Internet India, a joint venture unit of Pacific Internet Ltd, was also launched in 1999, and subsequently expanded into major Indian cities.

In 2000, Pacific Internet expanded into Thailand, where it made another acquisition and started its Thailand operations.

In 2002, Pacific Internet set up operations in Malaysia, giving the telco a direct presence in seven countries in the Asia Pacific region, with more than 30 points of presence in these markets.

On 1 Dec 2012, Pacnet exited the Singapore residential market, after giving a 2-month notice to about 26,000 home subscribers. These home users, some of whom had been with Pacnet for 17 years, were offered promotional rates to sign up with Singtel internet service provider.