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Nettel Holdings Reports on Success of VoIP Payment Services, Other Corporate Transactions
Nettel Holdings, which owns companies in a variety of markets including telecom and software, issued an update Friday to its shareholders. The firm specifically wanted to make known recent transactions related to its Tougi andVoIP Payment Services assets.
The first part of the update related to large contracts, valued at more than $200 million per year, landed by the Tougi subsidiary. Tougi provides financial settlement, billing and administrative services to manufacturers. This company now has contracts with more than 300 manufacturers in over seven countries, with 10-12 new deals signed daily.
“Over the past weeks, we have already started shipping on many of these orders. The orders that we have already closed and began shipping are worth over $5 million per month,” Nettel said in its announcement. “We expect to start processing over $7 million per month worth of additional sales within the next 60 days. We will be providing more detailed and updated information on these orders within the next few days.”
Nettel also reported that it has closed on the sale of a replica of its VoIP Payment Services holding, to “a large Hong-Kong-based telecom company for a large amount of cash and stock options.”
The VoIP Payment Services company, as its name suggests, allows the buyer of VoIP services to “process multiple destinations with one transaction.” Here, Nettel is referring to the fact that “existing escrow processes require a separate transaction for each country.” Thanks to VoIP Payment Services, Nettel is able to “quickly implement the large backlog of orders for minutes that exist and the new orders expected.”
VoIP Payment Services is a home-grown Nettel holding, created “due to our frustration from the buying and selling of telecommunication minutes over the past year,” the company said.
Nettel further elaborated on the history of this particular asset: “We created VoIP Payment Services due to our frustration from the buying and selling of telecommunication minutes over the past year. With the help of a team of 14 programmers and technical engineers, we have been working on the development and implementation of the VoIP Payment Services system for more than 6 months to complement our AVOP system. It has been a goal of ours to meet the demands of our customers, and now we are very proud to offer this helpful system to those involved in the telecom business.”