WaveCrest Acquires Storm Telecom

WaveCrest Communications Limited, a global communication wholesale carrier offering legacy and advanced telephony services, today announced the acquisition of Storm Telecommunication Limited's wholesale voice business. This latest acquisition dramatically repositions WaveCrest as a Tier-1 carrier in the global wholesale voice arena. The take-over furnishes WaveCrest with superior back-office systems, high caliber personnel and a pan European switched voice network with directs to the Americas, Asia and Eastern Europe. This will deliver excellent results for WaveCrest customers, employees and shareholders.WaveCrest's global business strategy is to deliver a world-class voice service to the global telecommunications wholesale carrier market. WaveCrest's business success is managed by a highly experienced team that is profit vs. revenue driven. At its peak Storm's wholesale voice business generated a turnover of £60 million per annum. WaveCrest project an annual turnover of £250 million within 12 months."This is a very exciting time in the telecommunications market. We believe the market is in recovery - many players have fallen by the wayside, yet demand for voice service has continued to increase in a less competitive market. WaveCrest's success is due to recognising that the 'killer app.' in telecoms is voice. The acquisition of Storm delivers the right tools at the right time in the right market for WaveCrest to capitalise in this brave new world of telecommunications." says Phil Anderson, CEO.WaveCrest Communications Limited, HQ London, England has 7 global locations and employ 35 people.CM Laverty and PW Wallace of KPMG Corporate Recovery were appointed joint administrators of Storm Telecommunication Limited on 19th February 2002. WaveCrest Communication Limited acquired the European wholesale voice business on 5th April 2002.http://www.wavecrestcom.com/press/pr_jan2002.htm