Corporate: former takeover target Spirit Telecom is now a buyer in its own right
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Telco Spirit Telecom (ASX:ST1) announced another acquisition this morning of cloud storage and cybersecurity firm Cloud BT, which made $1.3 million revenues last year.
The purchase, which will cost Spirit $700,000 in cash and shares, follows the 2019 acquisitions of LinkOne, Building Connect, Arinda IT and Phoenix Austec.
Like Uniti, Spirit wants to be an alternative to the NBN. It has a particular focus on the commercial sector and sells cyber security and other IT solutions as part of bundles.
“Spirit is well on its way to being the leading provider of internet and IT services to small and medium sized businesses across Australia,” said managing director Sol Lukatsky.
Stockhead has contacted the company for further comment.
Shares were unchanged this morning, but the stock has doubled since early March last year.
NOW WATCH: 90 Seconds With… Geoff Neate, Spirit Telecom
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