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KALAAM BUYS LIGHTSPEED [Daily Tribune (Bahrain)](Daily Tribune (Bahrain) Via Acquire Media NewsEdge) Kalaam Telecom, the first alternative telecommunications provider in Bahrain, has acquired Lightspeed Communications, a subsidiary of Jordan Telecommunications Co. The acquisition makes the company the second-largest Internet Service Provider (ISP) for fixed business broadband in the Kingdom. Kalaam has strategically increased its fixed (wired) business broadband market share to 17 per cent and now has a cumulative client-base of more than 4,000 customers across all business segments. The announcement was made by Kalaam Telecom Chairman Nezar Mohammed Al Saie during a press conference held at Bait Al Tijjar at the Bahrain Chamber of Commerce and Industry yesterday, following approval from the Telecommunications Regulatory Authority (TRA). This is the first Merger and Acquisition (M&A) transaction in Bahrain's telecom history. In the short-term, officials confirmed that Lightspeed will maintain its identity although the main aim is to 'include' Lightspeed under the Kalaam umbrella which hints at possible rebranding later. However, they noted that the acquisition of the company will allow them to capitalise on the SME segment which until today, has been dominated by Lightspeed which reveals their possible aim to maintain Lightspeed's current target market. Mr. Al Saie said, "We have taken the lead in the consolidation process in the country's telecom industry and reiterate our confidence in the future of Bahrain's economy. Accelerating our growth plans is a top priority. With the acquisition, Kalaam's revenues stand to immediately double and provide significant profitability." CEO Veer Passi said, "With this acquisition, we believe that Kalaam is on a very successful trajectory. We are confident that by integrating our culture, products and consolidating our operations with the professionally-run and profitable company, such as Lightspeed Communications, we can broaden our customer base across all business segments." By Roberto Carrillo, [email protected]. copyright (c) 2014 Daily Tribune. All Rights Reserved Provided by Syndigate.info, an Albawaba.com company |