- Telco provider Vonex (VN8) has completed due diligence required to finalise its $2.66 million purchase of 2SG Wholesale
- 2SG is a Queensland-based telecom and data wholesaler that provides the latest in hardware and mobile broadband
- After 2SG achieved roughly $7 million in revenue last financial year, Vonex recognised the benefits in combining the businesses
- As part of the acquisition, 2SG co-founder, Jason Gomersall, will join the Vonex board
- The acquisition is expected to be complete on February 28th
- Vonex is up 10 per cent today with shares trading for 11 cents each
Telco provider Vonex (VN8) has completed the due diligence required for its proposed acquisition of 2SG Wholesale.
Now that Vonex has satisfied this requirement, it has signed a binding agreement to finalise its purchase of 2SG which is expected on February 28.
In November last year, Vonex signed a binding term sheet with telecommunications and data wholesaler 2SG Wholesale.
Based in Queensland, 2SG provides service providers, internet service providers (ISPs) and system integrators with access to hardware and connectivity solutions.
In the 2019 financial year, 2SG achieved revenue of roughly $7 million – most of which came from mobile broadband. Its mobile broadband capability allows Australian ISPs the chance to sell a wireless solution through the Optus 4G Network.
Vonex recognises the great potential in combining the businesses and generating positive returns for shareholders.
Following the completion of the $2.66 million acquisition, 2SG Wholesale’s co-founder, Jason Gomersall will join the Vonex board as a Non-executive Director.
“We are excited to welcome Jason Gomersall, who is highly regarded in the telecommunications industry and adds important industry specific skills and experience to our Board as a non-executive Director,” Managing Director Matt Fahey said.
Jason has extensive experience in the telecommunications industry since being one of the foundation franchisees of the Optus World retail chain in the 1990s.
Vonex is up 10 per cent today with shares trading for 11 cents each at 10:50 am AEDT.