United Networks acquires Sydney-based Red Telecom

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United Networks acquires Sydney-based Red Telecom

ASX-listed United Networks has acquired Sydney-based telco Red Telecom for $500,000.

Red Telecom provides voice and data services to small and medium businesses across Australia. Some of its vendor partners include Ericsson, LG, Panasonic, OKI and Fuji Xerox.

The acquisition is United’s second in the 2021 financial year and sixth since October 2019.

United said Red Telecom would increase annualised recurring revenue by $1.4 million and average gross profit across all services.

United chief executive Victor Tsaccounis said, “Our focus remains on aggressively increasing the recurring revenue of the business.”

“We are excited by the cross selling opportunities that these acquisitions will open up for the business to grow our revenues further.”

The company first acquired Broadland Solutions in October 2019, alongside subsidiary Broadland Victoria. United then acquired MNF reseller NextCom and MNF subsidiary Symmetry Networks in December that year.

Sydney-based telco C3 Innovations was its most recent acquisition in August 2020, paying $250,000 and stock.

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