has signed a Letter of Intent to acquire 100% of a turnkey VoIP company providing services to Small and Medium Enterprises in the United States. Following successful completion of the necessary due diligence, which is already underway, the transaction is expected to close within the next 60 days.
Completion of the acquisition will bring immediate and profitable annual revenues to the group in excess of $2 million; the target company is currently growing at over 50% per year. When consolidated with other pending acquisitions in the VoIP market, the operating costs will be reduced due to shared common services and network cost reductions, so generating more positive income from the existing revenue streams.
The market for VoIP services in the U.S. continues to grow rapidly as it has become more mainstream with the Telecoms Industry Association seeing the VoIP share of residential and business phones lines reaching 37% and 10% respectively by 2015.