Broadband: Arc Telecoms finds major funding partner

ADSL South Africa (Broadband South Africa), 5 July 2010

Arc Telecoms, a new telecoms player that was recently formed with the aim of focusing on small and medium enterprises (SMEs), has found a major funding partner in the former MD (Managing Director) of iBurst, Alan Knott-Craig Jr. This comes after the decision of the Blue Label board not to invest in Arc Telecoms.

50% stake in Arc Telecoms…

Knott-Craig Jr. has acquired a 50% stake in Arc Telecoms for an undisclosed amount. The remaining 50% is held by Steve Briggs, former head of commercial at iBurst, and his partners Michelle McCann and Paven Chetty. 

The above has come after an agreement between the shareholders of Wireless Business Solutions (WBS), parent company of iBurst, has led to the formation of Arc Telecoms. The idea was that Blue Label Telecoms invest in Arc Telecoms, the very reason why Arc Telecoms was based at Blue Label’s Sandton offices at first, but the idea was rejected by the Blue Label board. This left the door wide open to Knott-Craig Jr. to step in as a major shareholder. 

In other words, a decision by the Blue Label board not to invest in Arc Telecoms left the door open for Knott-Craig Jr. and other shareholders to come onboard.

<< Previous    [1]  2    Next >>