Revolutionising your Service Provider Experience
First Investment: June 2014
Vibe Communications is an Internet Service Provider that provides wholesale and corporate telecommunications services and hosting to businesses predominantly in New Zealand and Australia. Their subsidiary Intellipath delivers bandwidth on demand network solutions between over 80 data centres and 1,600 buildings in Australia, New Zealand and the United States as well as to cloud providers. Vibe Communications is growing rapidly, cash flow positive, and has over $12 million in annualised revenue. Vibe Communications is based in Auckland with offices in Melbourne, Sydney and a network that extends to the United Kingdom, the United States, and Asia.
Established in 2008, Vibe is 100% committed to providing a genuine alternative to the large, complicated and expensive New Zealand and Australian Telcos. By providing highly resilient, cost effective network solutions tailored to their customer’s exact requirements, they have carved out a niche for themselves that sees them punch well above their weight.
Vibe Communications have built, consulted, managed or been involved in virtually every Telco and ISP in New Zealand in some way, shape or form.
Punakaiki Fund was the first external investor in Vibe, originally investing for a 20.00% stake in April 2014. The company, lead by founders Barry Murphy and Davey Goode, appointed Rudi Hefer (formerly of Telecom Wholesale) as CEO, and he purchased a 5% equity interest in late 2014, which was subsequently repurchased by the company in 2015 after his departure. Punakaiki Fund purchased another 5% of shares, increasing its stake to 24.02% in late 2015. Punakaiki Fund is currently in the process of acquiring an additional 660 shares, 277 of which have already been received. The remaining 383 shares are scheduled to be acquired before the end of the calendar year 2018. When complete, this will increase Punakaiki Fund’s shareholding to 35%.
*At the date of the November 2017 PDS, Punakaiki Fund has agreements to purchase additional Vibe Communications shares equal to 7.0% of the current shares on issue, to reach a total of 35.0%. Lance Wiggs’ brother, John Wiggs, beneficially owns 4.04% of Vibe Communications