Perth-based internet service provider Pentanet has appointed former iiNet CEO David Buckingham as its new chairman as it turns up its ambitions to list on the Australian Securities Exchange (ASX).
Buckingham comes with a strong financial background and telecommunications history both in Australia and overseas, previously spending eight years with iiNet as its CFO and then CEO prior to leaving in 2015. After iiNet, Buckingham was the CEO of Navitas and has also held senior financial roles in the UK with Virgin Media and Telewest Global.
“It’s particularly rewarding to be involved with local successful entrepreneurial companies, and Pentanet is a prime example – built from two people with a genuine passion for using next-generation technology to deliver what customers increasingly need and want in the current internet age,” Buckingham said.
Pentanet managing director Stephen Cornish said Buckingham’s appointment came at a pivotal stage in the company’s trajectory. Preparations are already underway to take the company public later this year, with "further information to be released in due course."
“There’s no better success story out of Perth in telecommunications than iiNet, in which David played a critical role as CFO and then CEO. Having access to his experience will be immensely valuable and I look forward to working alongside him in the next phase of Pentanet’s growth,” Cornish said.
Pentanet has been building Perth’s highest capacity fixed wireless network, delivering superfast internet services using its private network as well as the National Broadband Network (NBN) and LBN (Local Broadband Network), backed by local customer service and support.
Pentanet was founded by two brothers, Stephen and Timothy Cornish in 2017, employing more than 50 local staff from its Balcatta headquarters. The company also has a channel partner program and counts activIT Systems as one of its partners.
Last year, Cornish founded Pentanet.GG, West Australia's own esports league, and is actively championing the digitisation of Perth as the next global esports destination.
In March, brokers Euroz Security and Moelis Australia were sounding out to potential investors as Pentanet was seeking to raise $5 million.
This would mean the Perth company would be valued at about $30 million. At the time, the company aired it could ask for another $20 million and a public listing within 12 months.