Thursday, 02 April 2015 10:21

My Net Fone mops up NZ international voice carrier

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Communications provider My Net Fone has acquired the global wholesale voice business of Telecom New Zealand International (TNZI) from carrier Spark New Zealand.

My Net Fone - the group behind various communications brands including MyNetFone, PennyTel and Symbio Networks - is paying $22.4 million for TNZI's carrier grade voice network connecting Europe, North America, Asia and Oceania.

The deal includes TNZI's voice trading capability (custom software and experienced staff) and more than 220 international carrier relationships and interconnect agreements.

It is expected to generate revenue between $90 million and $100 million in 2015-16, with earnings before interest, tax, depreciation and amortisation of around $3.5 million. The latter figure could increase if potential savings are achieved.

My Net Fone has also secured a three-year exclusive trading agreement with Spark for international minutes, expected to yield revenue of $10 million a year.

The acquisition is being funded with a "low cost" $25 million bank facility that My Net Fone plans to repay within five years with funds generated by the TNZI business.

"The acquisition of TNZI and its international voice business is a huge step up for My Net Fone," said CEO Rene Sugo (pictured).

"This transforms My Net Fone into a significant voice player in the global market.

"It would have taken the company many, many years and a far greater investment to build the team, capabilities, customer base and network reach that this great deal brings us."

In addition to substantially increasing My Net Fone's voice revenues, the acquisition provides the company with an opportunity to use the TNZI network to deliver its services to a wider customer base.

The deal is expected to close by the end of April.

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Stephen Withers

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Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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