MNF Group restructures around as-a-service offerings

MNF Group has announced plans to restructure its business around its three main as-a-service offerings.

The company’s new divisions will be Communications Platform as a Service (CPaaS), Telecom as a Service (TaaS) and Unified Communications as a Service (UCaaS).

CPaaS will include its API software offerings developed for integrating number ordering and porting capabilities into communication software like Zoom, Microsoft Teams and Twilio. TaaS offers white-label communication services like mobile, cloud PBX and data to be resold by small to medium telcos and MSPs. UCaaS is centred around MNF's phone-based calling and conferencing technology for Teams and Cisco Webex.

The new structure aims to align reporting lines with opportunities in MNF Group’s target market, and also comes after offloading parts of its direct business to Vonex in June this year for $31 million.

“We are a more streamlined, robust business with a strong focus on our people, culture and sustainability,” MNF chief executive Rene Sugo said.

“Looking ahead, we are well placed to continue to execute our strategy and growth objectives, supported by a strong balance sheet, cash position and sustained demand from our customers.”

In the 12 months ended 30 June 2021, overall revenue declined 5.3 percent year over year from $231 million to $218.7 million, which includes $15 million from discontinued operations. Recurring revenue was up 12 percent to $113.2 million.

EBITDA was up 13 percent from $38 million to $43 million, while net profit after tax was up 30 percent from $12 million to $15.6 million.

“Our business looks markedly different compared to 12 months ago. As we move into FY22, we will focus on further simplifying our business, building best-in-class software capability and network and growing our business throughout Asia-Pacific,” Sugo said.

“Our new strategy will support MNF to achieve its new 2030 vision, and sets a clear path for global expansion, with the goal to reach 100 million numbers on our network by 2030. This will be achieved by increasing our market share and expanding our presence across Asia-Pacific.

“Singapore provides the stepping-stone into more opportunities in APAC. Now, supported by a strong balance sheet, we will further invest in our three business divisions, to capture further market share and expansion across the region.”

Sugo added that MNF continues to benefit from the increased utilisation of collaboration and
communications software applications due to the COVID-19 pandemic, and that the company has not been impacted by the current lockdowns.