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Newport Networks set for float

Voice over IP: The new black

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Terry Matthews' latest company, Newport Networks, is to announce a flotation on AIM, London's junior stock exchange.

The company makes session controllers - which telcos and carrier can use to bill Voice over IP (VoIP) calls. Matthews has invested £12.7m.

Welsh-born Matthews was behind Mitel - a contraction of 'Mike and Terry's Lawnmowers', which made the first chip-controlled switchboard - and switch and router company Newbridge Networks, which he sold to Alcatel for £4.4bn.

He believes that a sea change similar to that expoited by Mitel is on its way. In an interview with the FT, he says that telcos have to invest in VoIP now or risk going out of business.

Newport's advisers for the float are Evolution. IT wants to raise £15m from the initial public offering, valuing the company at between £30m and £35m. ®

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