IVNX administrator sells iTelecom client list after collapse

January 15, 2015


Sydney's Wireline steps in.


The administrator of troubled communications provider IVNX has sold the assets of its iTelecom Wholesale brand to Sydney company Wireline.


Wireline's sales director, David Connolly, confirmed to CRN that his company had purchased iTelecom Wholesale's "customer contracts, supplier contracts and the assets required to deliver the service" from the administrator, Andrew Schwarz of AS Advisory.

The cutover was announced to customers by email last Friday. Connolly declined to reveal the sale price.


"iTelecom Wholesale was overwhelmingly the major revenue producer for IVNX... about 97 percent," said Connolly. "We declined to bid for the other businesses [of IVNX]."


Connolly said that, after a credit review, about 54 iTelecom Wholesale customers are expected to be retained; he declined to say how many retail customers this would represent. Wireline will also gain a new presence in Melbourne as a result of the buyout. 


Wireline performed due diligence on IVNX over Christmas for a potential acquisition but IVNX rejected its offer, Connolly said. But when the company went into administration on 6 January, AS Advisory immediately contacted Wireline and the sale went through.

One of the attractive aspects of the deal, according to Connolly, was that Wireline had existing relationships with all of iTelecom Wholesale's suppliers.


The administrator had not returned CRN's phone calls or emails at the time of writing.

CRN has also ascertained from multiple sources that chief executive and iTelecom founder Thomas Derum had stepped down at the end of July. The IVNX website still lists him as CEO.


A well-placed source told CRN that as part of a "restructure and appointment of a new management team", IVNX's mergers and acquisitions director Matt Olaes took over as chief executive officer. He started in the new position in September, according to LinkedIn.

CRN contacted Olaes for comment but had not received a response at the time of writing.

A creditors' meeting will be held today to determine the next course of action for the IVNX group, which had about 60 staff in four countries.

Read more: http://www.crn.com.au/News/399376,ivnx-sells-itelecom-assets-to-sydney-company.aspx#ixzz3XhqEu3HW


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