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Alphyra has announced that it has agreed to sell its ITG Payphones division to Smart Telecom for EUR2.4 million.
The firm, which was previously known as ITG, said that following the sale of its telecommunications and computer interests in January 2002, it no longer considered its payphones business to be part of the group's core business. Alphyra is now focused exclusively on its European electronic transaction business, the company said.
"The disposal of this business to Smart Telecom allows us to concentrate on our core activities, while at the same time facilitating the future growth of this payphones business while protecting the continuity of service to our customers," said John Nagle, chief executive officer of Alphyra. Twenty employees will transfer from Alphyra to Smart as part of the deal.
The latest revenue figures for the ITG Payphones show that for the six months ended 30 June 2002, revenues amounted to EUR2.2 million with a loss before taxation of EUR0.4 million. This compares with revenues of EUR4.6 million for the eight months to December 2001 and profit of EUR20,000 over the same period.
As of June 2002, ITG Payphones had net assets of EUR5 million compared to Net assets of EUR5.3 million a the end of 2001.
Alphyra provides electronic terminals that are primarily used to provide mobile phone credit, but are also used to sell lottery tickets and pay utility bills. The business had also been involved in providing voice and data telecom services, but has sold off that business in January this year.
According to the company's latest financial results, released last month, Alphrya had turnover of EUR19.8 million, marginally down from EUR20 million for the previous six months.
The purchase of ITG Payphones by Smart Telecom is the latest in a series of acquisitions by the company over the past few months.
In June, it was reported that the company bought Dublin telecoms groups Switchcom and Central European Technology for a combined EUR1.3 million. Smart Telecom purchased Switchcom from Princes Holdings and founder Garrett Doyle for just under EUR1 million. It acquired 90 percent of Central European Technology, which trades as Talk is Cheap, in an all-paper deal worth EUR250,000.
"We see this as a major step in the growth and diversity of Smart Telecom's business," said Oisin Fanning, chief executive officer Smart Telecom. "We look forward both to continuing and expanding the same level of professional services to ITG customers."
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