Webcentral sells hosting business for $165M, rebrands to 5G Networks
Publicly listed Webcentral is set to sell off its web and email hosting businesses for a total transaction value of $165 million.
Publicly listed Webcentral is set to sell off its web and email hosting businesses for a total transaction value of $165 million.
Publicly listed Webcentral has acquired domain email and webhosting services business, New Domain Services for $5 million, using it as a springboard to relaunch Melbourne IT.
Webcentral’s post-tax losses continue to deepen as it reported a 322 per cent decline year-on-year, to a loss of $24.7 million, for the 2022 financial year.
IT service provider Webcentral has posted a loss of almost $11 million for the half year ended 31 December 2021.
Cirrus Networks’ CEO Matt Sullivan has exited the company after 16 years amid a “comprehensive” review and restructure of the business.
Webcentral has claimed it has experienced “significant change” in its finances after being acquired by, and then merged with, 5G Networks, while the acquiring telecommunications carrier has recorded record results.
Webcentral is keeping firm on its unsolicited proposed takeover offer of $26.3 million for Cirrus Networks (CNW), claiming its bid is “fully priced”.
Webcentral’s proposed takeover of Cirrus Networks has entered a new, familiar chapter with the company planning to depose three quarters of its board and force a general meeting.
The board of Perth-based IT service provider Cirrus Networks Holdings has detailed why it was rejecting Webcentral's takeover bid, claiming it failed to offer enough benefits and represented an “inadequate control premium”.
Recently merged IT services company Webcentral Group is looking to acquire Perth’s Cirrus Networks Holdings for roughly $26.3 million.
Webcentral Group and 5G Networks are gearing up to merge, with both companies entering into a binding implementation agreement to make the move before the end of the year.
Webcentral Group has started its plans to move to a single brand by amalgamating Netregistry and WME, placing the combined entity under the Webcentral name.
The Australian Takeovers Panel has declined to conduct a review into another application on the acquisition of Webcentral by 5G Networks (5GN), this time focusing on claims of “unacceptable circumstances”.
5G Networks has taken another hit to its half yearly loss, which rose by 348 per cent, to $2.1 million for the half year ending 31 December 2020, due in part to its wave of acquisitions over the period.
Webcentral Group has flagged a half-year revenue hit stemming from COVID-19 and poor customer experience issues as 5G Networks finally brings its acquisition of the company to completion.