ASX-listed Spirit Telecom has officially changed its name to Spirit Technology Solutions to cap off 12 months of acquiring IT services companies.
Spirit managing director Sol Lukatsky announced the new name at the company's 2020 annual general meeting, saying it reflected the company’s expanded offering and recent transformation.
The company acquired seven companies in FY2020, including Arinda IT, Phoenix Austec, cloud and security specialist CloudBT and Melbourne-based MSPs Trident Computer Services and Neptune Managed Services.
“Our vision this year was to become the destination for SMBs and essential services providers, to meet all their IT and telecommunication needs,” Lukatsky told shareholders.
“This hasn’t been easy, but we have managed to fill a gap where the major telcos have fallen short. In doing so, we have created a truly modern telco business.”
Lukatsky also revealed Spirit’s Q1 FY2021 results, posting revenue of $15.6 million, up 149 percent year on year and 30 percent on Q4 2020. Managed services and cloud contributed $9.9 million.
Recurring revenue was $9.2 million, up 78 percent year on year, with managed services and cloud contributing $4.4 million.
The company also signed some 70 new resellers, and plans to launch more mobile products for them to resell by Q2 to Q3 2020.
Spirit is also looking to continue pursuing acquisitions, with multiple targets under consideration and due diligence.