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.
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.
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