Comsol Fibre Connect allows telcos, carriers and service providers to connect their customers with speeds from 2-Mbps up to 1-Gbps in six working days. The first elements of the network have already been rolled out and are fully operational, with the bulk of the rollout anticipated to be concluded by the end of the year.
The transaction sees the Private Equity business of Nedbank Corporate and Investment Banking (NCIB), becoming a 25% shareholder in Comsol, alongside existing shareholders Convergence Partners and the management team of Comsol.
The initial funding, which equates to over half a billion rand, will be provided by Convergence Partners, Nedbank Private Equity and the IDC. In addition to the funding raised for the initial rollout, Comsol expects to reinvest and spend a further R1-billion on existing fibre infrastructure and leased fibre, creating a massive opportunity for existing fibre players in the market.
Iain Stevenson, CEO of Comsol says that despite the investments made into fibre networks, they are not yet far-reaching enough, take too long to deploy and are extremely expensive for the provider to build everywhere. Comsol Fibre Connect will not only allow companies to access the speeds and quality of fibre connectivity in much faster deployment times at a lower cost, but it also offers true coverage for the majority of businesses across the country – even those with branches in outlying areas.
Natasha Haslam of the IDC says, "It is hoped that this network will enhance communications for businesses in underserviced areas and aid in narrowing the digital divide."
In addition to its extensive coverage in the major metros, cities and district councils, Comsol will connect over 200 towns and cities across the country via Comsol Fibre Connect. Deployment in outlying areas has begun, with majority of towns to be connected by December this year. It will be available through major operators, internet service providers and content providers.
