Queensland-based Fonebox, an inbound telecommunications service provider, has sold to US technology company J2 Global for $30 million.
Fonebox offers a phone answering service, call routing solutions and call tracking, along with services and hosting for 13, 1300 and 1800 numbers. Fonebox's customers include Holden, Ford, Volkswagen, Jetts, Curves, Radio Rentals and Officeworks.
Fonebox started in 2008 when founder Jordan Grives was just 18 years old. The company has since processed more than 80 million calls and answered 2.5 million calls for clients.
According to Smart Company, Fonebox turned over $9.4 million in the 2016 financial year, an increase of 48 percent.
J2 turned over more than US$800 million in 2015 and now operates through approximately 30 different brands in 49 countries. Its diverse mix of services include internet fax, virtual phone, unified communications, hosted email, email marketing, CRM solutions, online backup, and web hosting. J2 also owns gaming publication IGN among others.
The company already has a presence in Australia through services provider Zintel Communications. In 2014, it snapped up a number of Australian companies, including Sydney-based OzeFax, Brisbane-based Faxmate and Melbourne web hoster Web24 Group.
Grives said he would continue working for Fonebox in a "managing role", along with the company's other 80 staff.
“For our clients it will be business as usual as we enter into an exciting new era of growth,” said Grives. “Today marks a bittersweet day as I announce the acquisition of Fonebox. Anyone that has sold a business will understand it’s an emotive experience.”
Now aged 27, Grives said he would establish a venture capital fund called Capital J Investments to help support and mentor aspiring entrepreneurs.