Eftel buys small Sydney ISP

Internet service provider EFTel has acquired Sydney-based small business ISP Visage Telecom.

Melbourne-based Eftel will pay $225,000 in cash instalments for the provider, and a further $225,000 in shares, issued at 17.5 cents each.

Visage was owned by interests associated with John Beville, a Sydney former rich-lister and property developer whose fortunes took a turn for the worse last year as banks, who he owed $700 million to, seized his main asset, the Top Ryde Shopping Centre.

Eftel chief Scott Stavretis said he expected the deal to be complete in a month.

Established in 2000, Eftel is thought to have around 120,000 active customer accounts currently. It merged in 2002 with Perth network operator Datafast and again last year with ClubTelco.

The company has continued a strategy of growth through acquisition, buying sub-wholesaler Platform Networks last year, and West Australian Networks in June this year.