Feeds

Telinco chairman picks up £90m

Cheesy Cheshire grins all round after World Online deal

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

E-ntrepreneur Chris Matthews has walked away with a cool £90 million from the sale of Telinco Networks to World Online. The founder and former chairman -- who started the company on just £16,000 -- is to invest the cash in a number of e-commerce ventures, led by his shopping portal, hoojit.com. It's likely his new company will even be named after the service and The Register understands he won't hang around too long before seeking to float the new venture. Matthews wasn't the only one at Telinco to make some cash out of the deal with World Online. Eight of the 60 employees at the Cheshire-based company became instant millionaires, although whether they'll remain in this elite club once the taxman has taken his slice is anyone's guess. What's more, everyone at the company received something from the deal -- which could explain why the car park at Telinco's offices are full of new shiny cars. News of the buy-out was announced last week. Although financial details weren't made public, some reports suggested that World Online paid between £250 million to £500 million for the telco. No one at Telinco was prepared to comment. ® Related stories: World Online lands on Freeserve's doorstep Telinco's free Net service is a sitting duck

Secure remote control for conventional and virtual desktops

Whitepapers

Go beyond APM with real-time IT operations analytics
How IT operations teams can harness the wealth of wire data already flowing through their environment for real-time operational intelligence.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
10 threats to successful enterprise endpoint backup
10 threats to a successful backup including issues with BYOD, slow backups and ineffective security.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.