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Technology / AI and automation

DCI TELECOM BUYS WORLDPASS FOR $10M

Stratford, Connecticut-based DCI Telecommunications Inc is to pay $10m to acquire telecommunications services supplier WorldPass Communication Corp. As a result of the deal, DCI will be able to expand its service area and take advantage of WorldPass’s switching facility at its headquarters in Aventura, Florida, which has the capacity to handle all of DCI’s US and Canadian business. Privately held WorldPass is valued at $15m, and on average has been doubling its revenue every year for the past six. WorldPass’s customer base is primarily located in South America, an area DCI wants to break into. As well as offering long distance telecoms services, WorldPass is a licensed internet service provider. DCI is of the opinion that the purchase will fill an integral part of its expansion plans and should help it climb back to profitability. DEC reported losses of $373,000 from losses of $712,000 on revenues up 51.6% to $2.8m for the year to March 31 (CI No 3,172), and is now confident it will be able to revenue $25.0m on a pro forma basis.

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CBR Staff Writer

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