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

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

VNT - Appointment of Managing Director and Group CEO of Ventia
ATM - a2MC declares $300 million special dividend
June 25th Morning Report
OCA - Oceania Healthcare launches secured fixed rate bond offer
ATM - a2MC receives SAMR approval
June 22nd Morning Report
SPG - Retirement of Director Michelle Tierney
APL - AGM Date and Director Nominations
SKC - Resolution of Adelaide Independent Review
CMC Markets accredited as NZX Participant