ASX-listed EFTel has acquired Queensland-based ISP Instant Communication, its third buy in a month.
The acquistion will add around 3,000 active dial-up and broadband accounts, predominately in the Queensland region, to EFTel's books.
Simon Ehrenfeld EFTel CEO said the acquisition would tie in well with the company's buy-out of aaNet in July.
“Both are Brisbane based [service providers] and the rapid merger of cost bases there is already well under way,” said Ehrenfeld in an ASX statement.
The two acquistions, plus a third buy this month - WA-based ISP ACE Onlone - will cost the company $2.47 million, EFTel said. The figure will be primarily funded by a Westpac acquisition facility announced earlier in the year.
Ehrenfeld said the service provider is also looking at other acquisition opportunities throughout Australia.
“EFTel believes consolidation of the Australian ISP industry will continue because this is a business in which scale brings greater profitability,” he said.
EFTel buys Instant Communication
By Staff Writers on Aug 14, 2006 12:06PM