Telecom company United Networks changes its name to ‘Hubify’

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Australian telecommunications giant United Networks has been renamed to Hubify Ltd, after a shareholder vote that was held last week. The company that traded on the ASX under the ticker code UNL will now trade under HFY, effective Monday, 9th November 2020.

United Networks says the company has been given a new name as a part of its growth strategy in 2021 and also recognized its latest restructuring to be a more diversified business. The telco recently went on an acquisition spree and now comprises three pillars – telecommunications, Internet of Things and managed services. 

The telco on changing the name to Hubify

Victor Tsaccounis, Chief Executive Officer of United Networks said that the new name represents the coming together of the telco’s 3 growth pillars into one single hub of reliable services, products and intelligence. The company will offer the foundation to further enhance and grow the business through acquisitions in telecom, managed services space and global IoT products.

SEE ALSO: Aussie govt to hold two 5G spectrum auctions for telcos in 2021

Recent acquisitions by United Networks

United went on an acquisition spree this year and last year. It acquired Symmetry Networks from MNF Group in December 2019. The company also acquired Red Telecom, which is based in Sydney. It also bought C3 Innovations (a software company) in August 2020 and Broadland Solutions (a telecom company) in 2019. In October 2020, the ASX-listed United Networks raised $5 million via a share placement to pursue a number of acquisitions. Through this share placement, United Networks issued 79.4 million fully paid ordinary shares at 6 cents a piece and allowed a 10% discount on the last closing share price.

NSW-based United Networks is an ASX listed telecom business offering voice, data and value-added services. Its wide range of telecom products include WiFi solutions, local telecommunications, international roaming SIM card services and location-based services like emergency services.

SEE ALSO: Tech Data Australia launches IaaS cloud platform via Macquarie

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Riddhi Jain is a technology content writer. She is based in India and has been working as a content writer since 2018. Riddhi has been writing content in the tech domain since May 2020 and can’t get enough of it. Riddhi has pursued most of her education from her hometown, Indore. She has graduated as a Bachelor of Business Administration and discovered her love for writing blogs while pursuing an internship during college. Once she discovered her love for writing, she went on to improve this skill set (and hasn’t stopped since).
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