iQSTEL completes the acquisition Whisl Telecom
iQSTEL confirms the acquisition of Whisl Telecom, a US-based telecoms operator in Houston, Texas, for $1.25 million cash.
Whisl delivers voice/SMS services to US corporate customers and operators with a predicted revenue of $5.6 million over the next 12 months and a net income of roughly $0.83 million.
“Whisl is iQSTEL’s sixth telecommunications acquisition,” said Leandro Iglesias, CEO of iQSTEL.
“Whisl and Smartbiz, the acquisition we announced in April, combined add $11.6 million in additional annual revenue and $1.34 million in annual net income. iQSTEL is well on its way to achieving its $90 million revenue and reaching positive net income in FY-2022 and building a foundation for ongoing growth in 2023.”
The acquisition of Whisl Telecom will broaden iQSTEL’s portfolio adding to the recent acquisition of Smartbiz and the rest of the IQSTelecom portfolio including Etelix, SwissLink, QGlobal, and IoTLabs.
IQSTEL acquired 51% stake in Whisl Telecom for $1.25 million in cash as well as $550,000 in IQST restricted common shares that comes with a holding period of 6 months.
“We are expanding our operating margins with the new products and services we are building on top of our telecommunications foundation that include Fintech, Electric Vehicles, Internet of Things, and Blockchain Platforms,” said Iglesias.
iQSTEL continues to expand its commercial operations adding new products and services to include its recently launched MasterCard fintech ecosystem, EVOSS Electric Motorcycles, IoTSmartTank and IoTSmartGas in addition to the company’s Blockchain Platform, MNPA.
The company closed the acquisition of a 75% share of itsBchain, a blockchain solutions provider, which enables the development of in-house telecom blockchain solutions for the carrier, corporate and retail markets, back in February 2020.