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Canadian telecom company Teleglobe International Holdings Ltd. said it planned to acquire ITXC (Internet Telephony Exchange Carrier) as Teleglobe beefed-up its stake in VoIP. ITXC has registered rapid growth in recent quarters, but has been unprofitable.
Precise financial details were unavailable, but Teleglobe said ITXC will get a 28 percent stake in Teleglobe, which provides a wide range of international telecom infrastructure and services. Teleglobe bandwidth last year supplied nearly 7.5 billion minutes of talk time while ITXC generated about 4 billion VoIP minutes. Most VoIP providers are in start-up mode and are unprofitable.
After the acquisition is completed in March, ITXC's chairman Tom Evslin will assume the position of "non-executive chairman" the companies said. ITXC has been New Jersey's second fastest growing company, according to a Deloitte & Touche survey. In recent months, ITXC added 30 connections to its base of VoIP carriers.
Liam Strong, chief executive of Teleglobe, will continue in his post after the acquisition.
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