Vodafone NZ acquires WorldxChange IP telco business

Vodafone New Zealand, the nation's biggest mobile company, has acquired WorldxChange, adding an internet based telecommunications business with customers including the Reserve Bank, the Earthquake Commission and IAG Insurance.

No price was disclosed. WorldxChange's biggest shareholder, co-founder and chief technology officer Paul Clarkin is among executives at the firm who will join Vodafone, according to a Vodafone statement. He held 70.6 percent of the stock. Other shareholders included chief executive Glenn Johnstone, chief financial officer Mark Stokes and chief operating officer Mike Purchase.

WorldxChange began in 1995 as a local subsidiary of US telco CTS, specialising in toll bypass telephony. It was bought out by management in 2001 and launched New Zealand's " first fully converged IP-based telco network" in 2004, according to its website. It uses the WXC brand.

BusinessDesk.co.nz

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