'Role duplication' drives redundancies at M2
- 28 April, 2014 12:27
M2 may make up to 150 people redundant, the company announced this morning. In a statement issued to the ASX the company said that it had identified "role duplication" brought about by acquisitions.
Up to 150 roles in administration, customer service, technology, provisioning and sales may go, the company said. Role duplication was identified by the M2's acquisition integration program.
"We very carefully consider any change that may affect our team and we enter into the consultation process with the aim of minimising any potential impact on the team and maximising redeployment opportunities," M2 CEO Geoff Horth said in a statement.
M2 in May last year completed its acquisition of Internet service provider Dodo. The deal involved 10.47 million new M2 shares and around $157.69 million in cash. M2 also last year acquired telco Eftel.
In April 2012 M2 snapped up Primus Telecommunications Group for $192.4 million.
Announcing M2's first half results in February Horth said that the telco's growth had been "very strongly driven by Dodo". For the half year ending 31 December M2 announced earnings before interest, taxes, depreciation, and amortization of $75.8 million with "organic" net growth of 50,000 services.