RealTime IT News

Chariot Races to Acquisitions After ASX Success

South Australian ISP Chariot Internet is already targeting possible acquisitions following its launch on the Australian Stock Exchange (ASX) last week.

Chariot managing director Gary Chua said the company would be targeting strategic acquisitions throughout regional Australia to boost its subscriber base.

"We believe [this path] will boost our subscribers to 50,000 by mid-2000," said Chariot chairman Rob Byrne. "The listing provided us with the flexibility to pursue further acquisitions as we expand our services nationally."

The company also intends to tackle the southeast Asian marketing by utilising its satellite facilities. Chariot has approximately 48 satellite bandwidth clients with 65 ground stations across Australia.

Chariot's AUS$8.5 million (US$5.6 million) public offer of 8.5 million shares closed approximately 50 per cent oversubscribed.

This capital was used for the company's recent acquisition of Victorian ISP NetConnect Communications, which increased Chariot's subscriber base to its current total of around 30,000.