Canada’s Globalive Capital has sold three of its main telecom assets: Yak Communications, OneConnect Services and Canopco – a move the VC firm says will fuel new investments in Canada and other markets.
Financial terms of the deal were not disclosed.
OneConnect Services and Canopco have been acquired by Accelerated Connections (ACI), a provider of private IP connectivity and public internet services to businesses in Canada.
To fund new investments, Globalive Capital formed a $78 million fund. Globalive and its investment partners sold Wind Mobile to Shaw Communications for $1.2 billion in March.
“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,” said Anthony Lacavera, founder and chairman of Globalive Capital, in a release.
All three of the companies come to the market with a unique service perspective.
- Yak, which was one of the first entrants into Canada’s competitive market for long-distance voice services, was purchased by Globalive Communications in 2006
- Founded in 2003 by Globalive, OneConnect is a hosted VoIP company as well as a provider of integrated voice, network, collaboration and cloud services. It serves over 5,000 businesses across Canada and offers customized solutions for a number of key industries including hospitality, retail and franchise, security, real estate and medical
- Canopco claims it is the choice of 80 percent of the hospitality telecommunications market, "serving thousands of properties around the world"
These deals come at an interesting time in Canada’s telecom industry, particularly as U.S.-based providers like Birch Communications and Zayo have taken a stake in the market by purchasing Primus and Allstream.
- see the release