Vyke Communications to acquire Target

Vyke Communications Plc, which claims to be the world’s number one VoIP service provider, is planning to acquire Target, a specialist in retail VoIP solutions, for £3.5 million, payable in shares.

The acquisition, which is subject to due diligence and approval by Vyke’s Board of directors, should be completed by the end of the year.

The acquisition will strengthen Vyke’s global distribution abilities in Europe, the Middle East and Africa, and will also provide a hub for further planned growth during 2008, both organically and through acquisitions.

The acquisition of Target would also consolidate Vyke’s leading position in the mobile VoIP service market by significantly increasing the number of in-house customers who could be converted to Vyke’s Mobile VoIP service.

Target has around 200,000 paying retail VoIP users worldwide, with approximately 150 million paid minutes of use per year.