Table of Contents
Introduction
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.
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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.
Conclusion
Spirit Telecom’s rebranding to Spirit Technology Solutions marks a significant milestone in the company’s transformation into a more comprehensive technology solutions provider. With a strong track record of acquisitions and a focus on meeting the growing demands of small and medium-sized businesses, the company is positioning itself to thrive in the highly competitive telecom and IT market. With its rapid growth and expansion plans, Spirit Technology Solutions is poised to continue its success, providing advanced telecommunication, IT, and cloud solutions for businesses across Australia.
FAQs
- Why is Spirit Telecom changing its name to Spirit Technology Solutions?
- The name change reflects the company’s transformation and expanded service offerings, which now include not just telecom services but also advanced IT, cloud, and managed services.
- What are the key services offered by Spirit Technology Solutions?
- Spirit Technology Solutions offers a range of services, including advanced fixed wireless networks, Sky-Speed Internet, cloud solutions, and managed IT services for businesses.
- What were Spirit Telecom’s recent financial results?
- In Quarter 1 of FY2021, Spirit Telecom reported a revenue of $15.6 million, which is a 149% increase compared to the previous year. Cloud and managed services contributed $9.9 million to this revenue.
- What are Spirit Technology Solutions’ future plans?
- The company plans to acquire profitable businesses and has several targets under consideration. It is also working on launching value-added mobile products for reselling.
- Where does Spirit Technology Solutions operate?
- Spirit Technology Solutions operates offices across Australia, including in Queensland, New South Wales, and Victoria. The company also boasts of having the country’s fastest internet service provider with symmetrical internet speeds ranging from 25 Mbps to 1 Gbps.
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