Symbio commits $7.6M to Asia Pacific expansion plans

Rene Sugo (Symbio)

Rene Sugo (Symbio)

Credit: Symbio

Australian Securities Exchange (ASX) listed communications software provider Symbio has revealed it will be investing $7.6 million to accelerate growth across Asia Pacific.

This comes as Symbio made a submission to the Malaysian regulator to become a licensed telecom operator enabling ownership of phone numbers and in-country cloud communications infrastructure, alongside other major networks in the region. 

By the close of this calendar year, Symbio said it expects to launch its services into Malaysia, enabling it interconnect its network with local carriers and partners to help scale its market expansion opportunities. 

South East Asia executive general manager See Kiat Yeo said following the successful launch of its Singapore voice network, its CPaaS [communication platform as-a-service]  business division has achieved its first key customer wins in the new market. 

This comes as Symbio experienced a group consolidated revenue decline of six per cent down to $205 million for FY22 ending 30 June. Group consolidated net profit also fell six per cent to $14.6 million, down from $15.5 million last financial year. 

Despite the drops, recurring revenue was up 12 per cent to $112.3 million in comparison to $100 million last financial year. 

“The 2022 financial year was transformational for Symbio as we divested parts of our non-core business, rebranded from MNF to Symbio, and made solid progress on our APAC expansion plans,” Symbio co-founder and CEO Rene Sugo said.

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