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TasmaNet to continue expansion via $5.3 million investment

TasmaNet to continue expansion via $5.3 million investment

Funding is to support the telco company’s Cloud venture

TasmaNet has received a $5.3 million investment to support the telecommunications company’s venture in Cloud services.

New and existing shareholders contributed to the investment and the deal was brokered by Investment bank Greenard Willing.

Greenard Willing partner, Ken Fleming, claimed it was the largest ICT investment Tasmania has seen.

He believes the funding validates the strong demand for telecommunications and Cloud service companies beyond Sydney and Melbourne because "as-a-service locations providers are becoming less of a barrier as more companies purchase business technology services.”

TasmaNet managing director, Joel Harris, said the new funding will assist in the company’s venture to add resources, develop automation, improve accessibility and underwrite the rapid growth of TasmaNet’s premium Cloud service.

Harris added, to ensure that services are accessible to customers, TasmaNet is working with HP to virtualise the company’s telco network.

“TasmaNet is building a purpose-built telecommunications network designed to support businesses purchasing Cloud services,” he said.

TasmaNet said its shareholders and board members are working to establish TasmaNet as an iconic Tasmanian business by investing and employing locally. However, the company will deliver services to customers regardless of location.

The telco offers solutions to small and large enterprise including the Tasmanian State Government. The company provides a range of services including expansive Cloud solution, Datacentre colocation services and managed private network services.

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Tags HPTelecommunicationsTasmaNetKen FlemingJoel HarrisGreenard Willing

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