Vonex Purchases Cloud Phone, Mobile and Internet Services Business from MNF Group

Vonex is an Australian telecommunications company that provides business VoIP solutions designed to “change the way companies connect.” During the last year, the company has been experiencing rapid growth. It grew its base of annualized recurring revenue by 89 per cent in fiscal 2020 to more than $16.4 million, supercharged by the strong operational and financial performance seen in its June quarter of fiscal 2020, the group’s best quarter since becoming a listed company.

Now, the company has announced the acquisition of a part of MNF Group’s direct business for $31 million. MyNetFone Australia Pty Ltd is part of the MNF Group that owns and operates Australia's largest VoIP network, the third-largest interconnected voice network in the country. MyNetFone provides broadband internet and cloud-based communication services to residential, business and government sectors.

MNF has offloaded its small business and residential business, which includes cloud phone, mobile and internet services under the MyNetFone brand. The acquisition by Vonex does not include the MyNetFone name.

Vonex said the deal would help materially expand its footprint of small-to-medium enterprise and residential customers across Australia, as well as bring in new channel partners. As part of the deal, Vonex also agreed to enter into an exclusive Symbio wholesale supply agreement for phone numbers and minutes for five years.

"We would be delighted to welcome MNF's direct business and its customers to the Vonex group,” said Vonex chief executive Matt Fahey in a statement. “As the new 'work from home' paradigm has become part of life for more Australians, we have increasingly focused on providing Australian SMEs with telco services that are reliable, affordable, flexible, and scalable. Migrating and integrating the direct business with our own will bring us a meaningful national footprint and help us to gain the scale through which we can continue to deliver strong value to customers and investors."

The deal is expected to close by July of this year.