MyRepublic has announced it would no longer operate in Australia as part of its efforts to “refocus” on profitability and reduce overhead. The company’s subscriber base will be transferred to Superloop in the following fiscal quarter.
The Singaporean ISP stated in a statement on Saturday that the subscriber transfer deal, effective December 23, included the purchase of its residential and business customers on Australia’s NBN, but not the company’s assets or liabilities.
Superloop, with headquarters in Brisbane, Australia, owns and maintains an 894-kilometer metropolitan fibre network that links more than 309 data centres and commercial buildings throughout Australia, Singapore, and Hong Kong.
MyRepubilc said with this move that it was leaving the Australian internet market after having started there in 2016. Assuming the network switch is finished by then, most of the migration work should be done in February of 2019.
The ISP said that the decision was made as part of a “strategic emphasis” on “profitability and liquidity” in an effort to reduce overhead. As part of this strategy shift, the company was also focussing on its broadband and mobile operations in Singapore.
“I adore our Australian company…after considerable thought, however, we have taken the choice to pivot into a profitable business as we move into the next part of our journey,” said Malcolm Rodrigues, global CEO and co-founder of MyRepublic.
In February, CEO Rodrigues announced the launch of “a new MyRepublic” and the company’s aspiration to become “the best-performing digital telecom” in Singapore and the region. This year also commemorated the company’s first decade of operations.
The ISP had previously claimed that its revised corporate strategy and operational approach would provide the basis for an IPO (IPO).
The Singaporean telecom company StarHub bought a 49.9 percent share in MyRepublic’s domestic internet operations in September of last year. With this $162.8 million acquisition, StarHub has acquired the business unit of the latter, increasing its share of the Singapore broadband market to 40%.
MyRepublic stated its intention to develop by expanding into the business market in an interview with ZDNET published in June of 2021. There would be an increased emphasis on cybersecurity as the company vowed to expand its service offerings in this area.
Through its cooperation with the Sinar Mas Group in Indonesia, MyRepublic operates a franchise company that provides mobile and internet services to customers there.
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