RealTime IT News

National Network Wins Major Funding

[Sydney, AUSTRALIA] A consortium of financial institutions led by J.P. Morgan, AGL and AMP Asset Management today announced the closing of a total $175 million equity raising in what they claim will be Australia's first national IP-based wholesale carrier, COMindico Holdings Pty Ltd.

The startup funding was sourced from investors including Queensland Press; Kerry Packer's Consolidated Press Holdings Group; and Wayne Passlow, the company9s founder and CEO of Open Telecommunications.

Cisco Systems is to play a major role in the development of COMindico's network and to provide vendor financing, which in conjunction with the equity funds raised, will be used to roll out the national IP-based carrier network. Open Telecommunications will be responsible for the design, architecture, integration and provisioning of enabling software for the network.

COMindico will act as an independent wholesale supplier of integrated data and voice telephony services. The network will use multi protocol label switching (MPLS). Sixty-six PoPs are planned to correspond to each of Telstra's 66 call collection areas nationwide.

A "content aware" network is planned in an attempt to ensure that voice calls are delivered to the standard of conventional telephone carriers. The network will be deployed in two phases, the first of which will commence operations in October, with the entire network to be operational by early 2001.