Telecommunications carrier 5G Networks has won several deals since the acquisition of Hostworks and Anittel, which delivered $5 million in new incremental revenue.
According to 5G Networks, who acquired the businesses from Inabox in August, this is the result of several sales for annuity-based revenues with the proposition of the 5GN national high-speed network connectivity, presenting an attractive offer to larger corporate customers.
"The company also remains focused on re-signing out-of-contract customers, which has resulted in over $6m in retained revenue," 5G Networks told shareholders on 23 January. "This outcome is particularly important as these customers will drive organic growth as they transition to the 5GN digital suite such as cloud and hosting services.
"In addition, customer transformation activity will drive significant demand for high-speed network connectivity to both traditional data centre and cloud environments."
The publicly-listed company said it continues to explore "several market opportunities" in order to support its growth and strategic plans for 2019.
"The Australian IT and managed services market remains buoyant and many organisations are continuing to investigate the opportunity for merging or divestment," 5G Networks told shareholders.
"This includes both infrastructure organisations and service providers who are finding it challenging to penetrate adjacent geographical markets."
Meanwhile, 5 Networks managing director Joe Demase said the company's focus has been on the integration of Hostworks and Anittel.
"Importantly, several projects which deliver this strategic outcome have now been successfully completed," he added. "This integration builds on our strong foundation for future growth by enabling the aggressive pursuit of cloud, digital and data networking opportunities.”
In August 2018, 5G Networks acquired Inabox Group's direct business for $5.7 million.
“We pursued this acquisition because it was exactly what we needed to rapidly expand our core business streams and represents great synergy with our existing business,” Demase said at the time.