Flint Telecom Group, an international telecoms technology and services organization, has signed a letter of intent to acquire 100 percent of business VoIP company Turnkey. The transaction is expected to close within the next 60 days, according to company officials.
Completion of the acquisition is expected to bring immediate profitable annual revenues to the group in excess of $2 million, if company officials’ projections are met. There’s a good chance it will, as the target company is currently growing at over 50 percent per year.
Plus company officials see ways to help things along when consolidated with other pending acquisitions in the business VoIP market. The operating costs will be reduced due to shared common services and network cost reductions, so generating more positive income from the existing revenue streams.
The market for business VoIP services in the U.S. continues to grow rapidly as it has becomes more of a standardized practice with the Telecoms Industry Association; seeing the VoIP share of residential and business phones lines reaching 37 percent and 10 percent respectively by 2015, according to figures cited by Flint officials.
Earlier this month TMC (News - Alert) had the news that Flint Telecom announced that its wholly owned subsidiary, Ingedigit International, is to become a significant shareholder in the Australian based Remit2Vietnam PTY. Remit2Vietnam PTY, is a company established in Sydney to market prepaid debit card and remittance programs from Australia and the United States to Vietnam.
There are over 1.6 million Vietnamese living in the United States and approximately 300,000 living in Australia. Over $8.2 billion dollars were remitted to Vietnam last year and is growing year on year.
The Vietnamese banks have shown great interest in and support for the III prepaid debit card and remittance programs with several banks in Vietnam and one bank in Australia having signed Letters Of Intent with R2V to provide prepaid debit cards and remittance services to their customers.
David Sims is a contributing editor for TMCnet. To read more of David’s articles, please visit his columnist page. He also blogs for TMCnet here.
Edited by Charles West