ASX-listed telecom giant Spirit Telecom has announced its plan to rebrand its name to ‘Spirit Technology Solutions’ to reflect its business transformation. The rebranded Spirit Technology Solutions will continue to trade in the ASX under the ticker code ST1.
The telecom giant acquired 7 companies in the FY 2020. Its acquisitions include Altitude IT, Reliance IT, Beachhead IT, CloudBT, VPD and The Bentley Group (Neptune and Trident). The new name was announced by the Managing Director of Spirit, Sol Lukatsky at the telecom’s Annual General Meeting 2020 saying that the name reflects its recent transformation and expanded service offering.
More on the announcement by Spirit Telecom
Lukatsky says the telecom’s vision in 2020 was to be the destination for small and medium businesses as well as essential services providers, to meet their telecommunication and IT needs.
He acknowledges that it hasn’t been easy, but they have successfully managed to fill a gap at places where the major telecoms have fallen short. By doing so, Spirit has managed to establish and create a modern telco business.
Lukatsky additionally revealed the results of Quarter 1 FY2021 of the company that generated a whopping revenue of $15.6 million (which is up 149% on year and 30% on Quarter 4 of 2020). Cloud and Managed Services contributed $9.9 million to the revenue.
About Spirit Technology Solutions
Established in 2005, Spirit Telecom is a 360 degree telecommunications company in Australia that offers advanced fixed wireless network, Sky-Speed Internet, cloud solutions and managed IT services for businesses.
With its symmetrical internet speed ranging from 25 mbps to 1 gbps, Spirit claims to be the country’s fastest Internet Service Provider. The telecom has its presence via offices across Australia including Queensland, New South Wales and Victoria and got listed on the Australian Securities Exchange (ASX) in 2016.
The recurring revenue of Spirit was $9.2 million which is year on year up 78%. Additionally, the telco signed about 70 new resellers and is also planning to launch more value-added mobile products for the purpose of reselling. Spirit Technology Solutions will also be actively looking for acquiring profitable businesses and has already has several targets under consideration as well as due diligence.