Pan European network operator KPNQwest today teamed up with IBM to create a Web hosting venture that is expected to generate revenues of around four billion euros ($4.02 billion) within 10 years.

To harness a market for European electronic Internet hosting estimated to be worth $15 billion by 2003, newly-listed KPNQwest and U.S. computer giant IBM intend to help deliver next generation e-business services across Europe.

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