Terremark Doing $10M Deal With Partners in Spain

The network in Spain will be modeled after Terremark's technology platform developed for the Tier-1 NAP of the Americas in Miami.

The European partners in the project are the Comunidad's Instituto Madrileno de Desarrollo (IMADE), the Camara de Comercio e Industria de Madrid, Red Electrica de Espana S.A. and Telvent Desarrollos SA, a subsidiary of Abengoa S.A.

"We are honored that the Comunidad, the Camara and the other Spanish partners share our business vision and carrier-neutral philosophy and have agreed to work exclusively with Terrmeark to convert Madrid into the de facto Internet capital for Spain, and potentially (for) Southern Europe and North Africa," Terremark chairman/CEO Manuel D. "Manny" Medina says in a prepared statement.

Based on industry statistics, Medina says the principal centers of Iberoamerican Internet traffic are Miami, Sao Paulo and Madrid. Terremark has already established principal carrier-neutral points of Internet connectivity with its NAP of the Americas in Miami and in Sao Paulo.

"The agreement for the NAP in Madrid completes the next link in the path of Iberoamerican Internet traffic, placing Terremark's carrier-neutral network access points at critical junctures of this growing traffic flow and demand for currently underserved regions," Medina says.

In the same statement, Alberto Ruiz Gallardon, president, Comunidad Autonoma de Madrid, says "this technologically advanced NAP will place Madrid at the vanguard of Internet development in Spain."

He says "the growth of high technology jobs around Tier-1 NAPs in the United States is well-documented and we expect that this new NAP will have similar effects on job creation within the Comunidad, and will help modernize not just Madrid's Internet and communications infrastructure, but help propel all of Spain into the 21st century's Internet economy."