VoIP provider Interlink Global Corp. Inc. has acquired 100 percent of the stock of Assai Inc., a New Jersey-based wholesale Internet VoIP provider.
Interlink is renaming Assai to Interlink Global Communications Inc., and making it the wholesale division of its entire operations. Assai founder and former CEO Siba Padhi will head the new unit, which will be based in Miami.
Padhi also will serve as executive vice president and CTO of Interlink Global Corp.
The disclosed terms of the deal are that Interlink bought 100 percent of Assais stock; Assai’s shareholders received 1 million shares of Interlink’s restricted stock, with the right to earn an additional 1 million shares of restricted common stock if the subsidiary achieves its 2005 and 2006 projections.
We felt that the combination [of Interlink and Assai] would result in a substantial higher valuation for our shareholders than remaining an independent entity, and therefore that is the reason that we opted to exchange stock with Interlink as opposed to accept a cash purchase price, says Padhi. We have several pending international contracts, which we will be finalizing in the next few weeks, and will also be pursuing several wholesale opportunities that Interlink has not been pursuing vigorously because of its rapid expansion.
Assai, which was formed in 2003, provides Internet wholesale VoIP minutes to international customers including Jaina Systems in the United States; BD Cell in India; Asia Digicel in India; Amar Phones in India; Buy VOIP in India; and Kharafi National in the United States and India. Assai says its wholesale traffic numbers more than 12 million minutes per month.