Ownership of NYTEX is exchanged again
TeliPhone Corp has announced that it has signed a definitive agreement for the acquisition of all the operations, technology and intellectual property of the New York Telecom Exchange, in exchange for $5 million in stock.
NYTEX was launched in June 2009 to provide a trading platform for wholesale carriers, mobile and fixed network operators and retail operators. It allows blocks of minutes to be traded like any other commodity, acting as the central clearing house to all exchange-traded transactions.
In 2011, 200 million minutes were bought and sold on the NYTEX platform, with a value of approximately $30 million (bought and sold).
NYTEX will operate as a separate division within TeliPhone, and it is estimated that it could contribute $25 million in annual revenue, bringing TeliPhone’s total annual revenue to approximately $31 million.
The TeliPhone Corp acquisition of NYTEX is the latest development in the trading platform’s complicated history.
Lawry Trevor-Deutsch has been president and CEO of TeliPhone since 2010. He spoke of the synergy shared by the two businesses, stating, “We believe that the acquisition of NYTEX’s operations by TeliPhone is a natural fit for the company.”
It appears Trevor-Deutsch has been significantly influential in this latest development, considering the fact that he also serves as president and CEO of NYTEX, a position he has held since the business was launched in 2009.
NYTEX was previously acquired on March 14, 2011 by United America Corporation in a stock for stock transaction, a company in which Deutsch also serves as president and CEO.
TeliPhone Corp, which has just acquired NYTEX, was formed as a wholly owned subsidiary of United American Corporation in order to take advantage of the growing VoIP market. It was spun off as a separate company in 2005.