Swoop has agreed to divest its wholesale-focussed voice call termination division VoiceHub to Queensland-based telecommunications provider Pivotel for $9 million.
The transaction includes the acquisition of three Swoop subsidiaries, Voicehub Group Pty Ltd, Voicehub Pty Ltd and Harbourtel Pty Ltd.
Swoop said the divestment proceeds will go towards funding growth in its core residential, SMB, data and voice businesses.
"Whilst we have seen some growth since the original acquisition of Voicehub, we have made the decision to divest this wholesale part of our organisation in order to focus on our key markets and customers," said Alex West, CEO of Swoop.
"The $9 million proceeds of this transaction will provide additional balance sheet flexibility as well as being used to fund growth in our residential infrastructure, mobile and NBN sales engine and provide a stronger operating cash position in the underlying business for FY25."
"We are pleased this process has reached a successful outcome; and that our customers and Voicehub staff will find a good home with the Pivotel team. This sets the business up well for FY25 and provides additional firepower for continued organic growth in the year ahead."
The Voicehub division was originally acquired by Swoop in October 2021 for $6 million.
“We are excited to announce the acquisition of the VoiceHub business. We believe it’s a great opportunity to expand and strengthen Pivotel’s service offering, sales, and support teams, which will drive long-term growth in our wholesale voice and messaging business," said Peter Bolger, CEO of Pivotel.
"As demand for cloud-based services continues to grow, so does the need to provide quality voice and messaging origination and termination services. VoiceHub are specialists in the wholesale voice business and their expertise will assist Pivotel as we continue to develop innovative solutions for the evolving unified communications market.”
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