MuNetFone Announced Acquisition of Symbio Networks

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MuNetFone Announced Acquisition of Symbio Networks MuNetFone Announced Acquisition of Symbio NetworksMuNetFone Announced Acquisition of Symbio Networks


4 September 2011

MyNetFone has recently announced acquisition of Symbio Networks; the expected price of the deal could be up to $6M although the final may be lower in case Symbio doesn't meet earning targets.
The acquisition represents an interesting deal: MyNetFone with revenues about $12 million is purchasing a company with revenues about $25 million. According to Rene Sugo, a founder and director MyNetFone and Symbio networks, MyNetFone’s independent directors intend to “strengthen the company.”
Symbio supplies MyNetFone with call origination, number porting, call termination and hosted VoIP solutions.
After the completion of the acquisition, MyNetFone plans to run Symbio as wholly owned subsidiary addressing Australia’s wholesale market and overseas.
The acquisition still has to be approved by an independent expert to guarantee that the deal meets the ASIC requirements.

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