TORONTO – Globalive Capital has sold off Yak Communications, OneConnect Services, and its hospitality communications provider Canopco in two separate transactions, as it eyes new ventures and plans for expansion.
Long-distance provider Yak Communications has been scooped up by independent telecom Distributel Communications, while OneConnect Services and Canopco were acquired by Accelerated Connections Inc. (ACI), a provider of private IP connectivity and public internet services to businesses in Canada. Financial terms of the deals were not disclosed.
"Yak Communications, OneConnect Services and Canopco have been an important part of Globalive Capital's portfolio and brands that are an integral part of our company's heritage," said Globalive Capital founder and chairman Anthony Lacavera, in the announcement. "As a Canadian investment firm with a global focus, my team and I look forward to re-investing the proceeds of the sales of these assets into the most promising new ventures both in Canada and internationally."
After selling off Wind Mobile to Shaw less than a year ago, Globalive established a $100 million fund dedicated to Series A investments of between $1 million and $5 million.
Wednesday’s moves will see Yak Communications join the Distributel suite of telecom brands, which also include ThinkTel, Acanac and Xinflix.
“In this time of industry consolidation, we are constantly assessing key opportunities for growth”, said Distributel CEO Matt Stein, in a separate statement. “The acquisition of Yak Communications will greatly enhance our Digital Home Phone product, gives us access to key retail partnerships, and reinforces our position as Canada's leading independent telecom."
ACI said that the addition of OneConnect Services and Canopco will double its revenue as more than 100 employees support over 1,000 fibre Ethernet connections, over 12,000 Hosted PBX and SIP trunking customers, multiple data centres across the country, over 100 national retail brands, and more than 1,000 hotels.
“This move puts ACI in a position to more effectively compete with Canada's largest incumbent telecom companies," said ACI founder and president Michael Garbe. "This gives us access to a larger portion of the market, and businesses will have more choice when it comes to their service provider."
