iiNet has this afternoon confirmed its acquisition of regional Victorian and ACT Internet Service Provider (ISP) TransACT is now complete.
The acquisition, announced last week and funded through existing cash and debt facilities, is now completed according to iiNet.
In a statement issued by the company, iiNet CEO Michael Malone said the transaction has been “well received” by staff and customers alike, and will provide a strategic boost for the company.
“Thanks to the support of TransACT’s management and directors, the transaction has been well received by TransACT staff and customers,” Malone said.
“iiNet’s acquisition of TransACT represents an attractive strategic opportunity to build scale in the ACT market quickly and efficiently.”
The TransACT network covers both Fibre and Copper, offering ADSL Over the Air, FTTP (fibre to the premises) and a hybrid VDSL service.
iiNet will use the acquisition to grow its share of the small medium business market in the two locations.
The company also unveiled a new Business Cloud service today, in partnership with VMware, IBM and Juniper that will allow business to host their web applications in the ‘cloud’ or at iiNet’s Australian data centres.
“Business Cloud follows from our launch of Business Voice. Put simply, it gives the small guys the same tools of the trade normally reserved for the big enterprise players,” CEO of iiNet Business, Greg Bader said in a statement today.
“Removing barriers to entry and offering total flexibility, these products reflect the needs of operating a small business in today’s challenging environment.”
An API for the service will be provided, as well as enterprise class security features and virtual applications with pricing to start at $29 per month.