BRISBANE TECHPRENEUR SELLS FONEBOX TO US COMPANY

Written on the 21 October 2016 by Karen Rickert

BRISBANE TECHPRENEUR SELLS FONEBOX TO US COMPANY

FONEBOX founder Jordan Grives has dialled up a lucrative exit strategy with the sale of his telecommunications business.

An undisclosed NASDAQ-listed US company, believed to be J2 Global, has acquired Fonebox in a deal reported to be worth $30 million.

The Brisbane Young Entrepreneur Awards finalist launched the business-to-business phone services provider in 2008 at just 18 years old.

Today, a team of 83 employees manage more than 4000 clients across Australia and New Zealand. The business turned over almost $10 million last financial year.

Grives says the deal has been a long time in the making, but can't disclose the buyer for reporting reasons.

"It was one of our biggest competitors, but now we are effectively joining forces," Grives says.

"The plan is to continue scaling up the business, I know they're on a very rapid growth trajectory.

"I'm still going to be around. Basically, I'll help integrate all the local businesses and play a regional sales director role across Australia and New Zealand."

He says Fonebox's client base and technology attracted the new owner, particularly the company's call routing and call recording systems.

The acquisition will be executed as more of a partnership, with the Fonebox brand and team to remain.

"The only thing changing is the parent company," Grives says.

"It will allow larger-combined clients to scale up and grow across Australia and New Zealand, and dabble in new products.

"Fonebox is now a much bigger business with the same great service. It gives us bigger leverage and buying power."

Grives plans to establish his own venture capital fund, Capital J Investments, to support emerging businesses next year.

He says the fund will initially focus on Brisbane-based technology businesses, but will consider any opportunities that come his way.

"Growing a business from scratch, you learn a lot along the way and the product doesn't necessarily matter as long as you're passionate," he says.

"I've learnt a lot that I can offer to budding entrepreneurs apart from just injecting cash. I want to see if it's something I can get behind and be passionate about to provide mentorship."

Advisors, Ben Wilson and Matthew Foote of Deloitte Corporate Finance and lawyers Tim Sayer and Heath Manning of Talbot Sayer worked on the deal.

 


Author: Karen Rickert Connect via: Twitter LinkedIn

Latest News

THE STAR'S STUNNING ANSWER TO CROWN'S BARANGAROO

THE Star Entertainment Group (ASX:SGR), not to be outdone by James Packer's Barangaroo development across the ...

BRISBANE COAL TERMINAL REOPENS AFTER SHIPLOADER REPAIR

COAL loading has recommenced at New Hope's (ASX: NHC) Brisbane terminal today after repairs to its ship loader, w...

SUPERYACHTS OFFER UNTAPPED POTENTIAL AT COMMONWEALTH GAMES

SUPERYACHT Australia has devised a strategy to attract more superyachts to Queensland and capitalise on revenue op...

GDP FIGURES A 'WAKEUP CALL' FOR PARLIAMENT

THE GDP figures are an end-of-year wakeup call for Parliament about what lies ahead for the country, according to ...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter