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Pracom snaps up phonecard company

By Phil Boeyen, ShareChat Business News Editor

Thursday 5th October 2000

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Australian listed telco and tech company, Pracom, has announced it is taking over the rest of phonecard company RediCall that it does not already own.

RediCall is a wholesale provider of calling card services telecommunications companies and corporate brands.

Pracom says when it acquired the initial 51% of RediCall in March this year a condition of the transaction was that
it would acquire the balance of RediCall if certain key performance milestones were achieved by June next year.

However it now says RediCall have over-achieved against their goals to such an extent that Pracom's board has recognised the value of immediately integrating the RediCall business completely into the Pracom group.

Pracom spokesman, Bruce Carter, says the initial investment in RediCall increased his company's access to over 7500 points of distribution within the consumer market for fast moving consumer goods based on telecommunication services.

"These high volume products are predominantly focussed on the explosion of demand for pre-paid mobile and pre-paid phonecards and the convenience of 24 hour access through many of our distribution points has proven to be a real hit with consumers".

Pracom employs more than 1000 people in Australia and New Zealand.

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