EFTel engulfs Concept

Stephen Withers
Monday, 08 September 2008 12:18

IT Industry - Listed Tech

Australian Internet provider EFTel has acquired the operations of the Concept group of companies in Australia and Malaysia. Concept was previously a supplier to EFTel.

Concept provides Internet and telecommunications services in Australia, and outsourced human resources and customer support services in Malaysia.

The Malaysian facilities are located in Cyberjava, part of Malaysia's Multimedia Super Corridor, and carry corporate tax free status.

"The facilities, which provide both dedicated and shared outsourcing solutions, use the latest in IP technologies to deliver seamless integrated services to the Australian Internet and telecommunications services industry. We were so impressed we bought the company," said EFTel CEO Simon Ehrenfeld.

He described EFTel and Concept as "as natural fit."

The deal is worth approximately $A6.8 million, comprising 8.35 million EFTel shares and a deferred cash component of $A965,000.

Concept's revenue exceeds $4 million per year, and around one-quarter of that comes from EFTel.