Feeds

Welsh billionaire backs broadband futures

Sir Terry Matthews slams network hype

  • alert
  • submit to reddit

The Essential Guide to IT Transformation

Welsh billionaire Sir Terry Matthews outlined the latest advances in broadband technology during a seminar at the London Stock Exchange today. Sir Terry told an audience of journalists and analysts that the need for next generation communication networks remains compelling despite the financial problems of many companies in the networking sector over recent years.

Matthews said he always sought to build solid businesses and had "zero time" for financially mismanaged firms like WorldCom or the dot com boosters in the networking market who came unstuck when the bubble burst.

"Some of the mobile and router vendors were guilty of hyping things like there was no tomorrow," Matthews told El Reg. "I hate hype. Nothing I have done has been an overnight success; I've always tried to build solid - not flaky - businesses. There were astronomical valuations in the dot-com era but that's over now and people are behaving appropriately."

"Next generation networks deliver tangible user and business benefits. The technology will progress with or without the hype as surely as we moved from canals to railways," he added.

The 61-year-old Welsh-born, Ottawa-based telecomms tycoon was making a rare visit to London to champion the networking companies he has invested in through Wesley Clover Corporation, his private holding company. Wesley Clover continued to support its investments throughout the telecoms downturn and currently has a portfolio of some 20 private companies. Some set up mini-demos in the Stock Exchange today designed to woo potential investors.

Among the companies exhibiting were Newport Networks, which floated on AIM back in May, Ubiquity Software Corporation and content-based routing firm Solace Systems.

Sir Terry's previous successes include Newbridge Networks, which he founded in 1986 and sold to French company Alcatel for $7.1bn in 2000. He also co-founded Mitel in 1971 before selling majority control of it to BT for £350m in 1985. He subsequently re-purchased Mitel's communication systems division in 2001. Matthews has also invested heavily in property. His £120m Celtic Manor Resort in Newport, Wales will host Golf's Ryder Cup in 2010. ®

Related stories

Newport Networks set for float
Welsh dotcoms set free from incubation
Mitel founder honour enrages Canada
Newbridge billionaire buys Mitel Networks

The Essential Guide to IT Transformation

More from The Register

next story
Scotland's BIG question: Will independence cost me my broadband?
They can take our lives, but they'll never take our SPECTRUM
Trying to sell your house? It'd better have KILLER mobile coverage
More NB than transport links to next-gen buyers - study
iWallet: No BONKING PLEASE, we're Apple
BLE-ding iPhones, not NFC bonkers, will drive trend - marketeers
Auntie remains MYSTIFIED by that weekend BBC iPlayer and website outage
Still doing 'forensics' on the caching layer – Beeb digi wonk
Speak your brains on SIGNAL-FREE mobile comms firm here
Is goTenna tech a goer? Time to grill CEO, CTO
NBN Co adds apartments to FTTP rollout
Commercial trial locations to go live in September
Samsung Z Tizen OS mobe is post-phoned – this time for good?
Russian launch for Sammy's non-droid knocked back
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.