In a bid to further its Internet-related services, Australia's third largest carrier AAPT Telecommunications has acquired local Internet services provider Connect.com.
The deal, signed yesterday, sees AAPT secure the remaining 59.9 per cent of Connect.com from 17.7 per cent shareholder Sirius Technologies and National Australia Investment Capital - a subsidiary of the National Australia Bank.
AAPT officials claim the acquisition positions the company as a major commercial and corporate IP applications solutions provider, intending to cover key Internet services markets including wholesale ISP, consumer and business markets.
"AAPT will preserve the integrity of Connect as a business unit, the name stays the same," said John Stuckey, chief executive officer of Connect.com.
Stuckey told ARN the deal provides both organisations with a strong opportunity to leverage the other's resources, citing a merge of Internet services into AAPT's Smartchat consumer client base.
Sirius company secretary David Marshall says Sirius came to the table "a willing shareholder". Marshall claims the deal - which saw Sirius walk away with a cash amount in excess of $4 million - will facilitate the company in bringing new products to market, paying debts and investing in new business growth.