MyRepublic has unveiled its exit from Australia, as it looks to “refocus” on profitability and cut its operational costs. The move will involve moving its subscriber base to Superloop next quarter.
The Singapore-based internet service provider (ISP) said in a statement Saturday the subscriber transfer agreement, which kicked in from December 23, encompassed the acquisition of its residential and enterprise subscribers on Australia’s national broadband network (NBN), but not its assets or liabilities.
Headquartered in Brisbane, Australia, Superloop owns and operates 894 kilometres of metropolitan fibre networks across Australia, Singapore, and Hong Kong, where it connects more than 309 data centres and commercial buildings.
MyRepublic said the transfer marked its exit from the Australian broadband market, where it had launched its services in 2016. Most of the migration works are expected to be carried out in February next year, following the completion of network transition.
The ISP said the move was part of its “strategic refocus” towards “profitability and liquidity”, as it looked to lower its operational costs. It also was refocusing on its broadband and mobile businesses in Singapore.
MyRepublic’s group CEO and co-founder Malcolm Rodrigues said: “I love our Australian business…after much deliberation, however, we have made the decision to pivot towards a profitable business as we move into the next phase of our journey.”
This year also marked the company’s first decade of operations, with Rodrigues announcing in February the start of “a new MyRepublic” and its ambition to be “the best-performing digital telco” in Singapore and the region.
The ISP then had said its renewed business vision and operating model would help lay the groundwork for an initial public offering (IPO).
In September last year, Singapore telco StarHub acquired a 50.1% stake in MyRepublic’s local broadband business. The $162.8 million deal saw the latter’s business unit subsumed as a StarHub subsidiary and pushed StarHub’s share of the Singapore broadband market to 40%.
In a June 2021 interview with ZDNET, MyRepublic said it was seeking out new revenue in the enterprise space, which offered significant growth potential for the company. It said it would beef up its service offerings in the market segment, with particular focus on cybersecurity.
MyRepublic also offers mobile and broadband services in New Zealand and has a franchise business in Indonesia via a partnership with the Sinar Mas Group.