MNF Group switches name to Symbio amid regional expansion push

MNF Group switches name to Symbio amid regional expansion push

Eyes Malaysian market expansion in the next year.

Rene Sugo, Symbio CEO

Rene Sugo, Symbio CEO

Credit: Symbio

Australian communications software and cloud infrastructure provider MNF Group is rebranding its entire business to fall in line with the name of its subsidiary Symbio, the move coming as it ramps up its regional expansion.

The publicly listed company’s Australian Securities Exchange (ASX) ticker will also switch over to a new code: SYM.

The name change, which comes into effect at the end of the month, follows on from a strategic review resulting in the sale of parts of its direct business, including the MyNetFone (MNF) portion, and also alludes to the established global brand of its Symbio business in the software enabled communications space.

The rebrand is also aimed at avoiding confusion from the market and customers, given that it no longer operates the MyNetFone business, and will present a consistent brand as it expands into the APAC region with its software-focused strategy.

“Our clear path for global expansion, significant momentum in our Singapore operations, and our unified Symbio brand, positively position us to execute our strategy and growth objectives for 2022 and beyond,” CEO Rene Sugo said. 

As part of its APAC expansion plans, Symbio is working towards entering the Malaysian market in the next 12 months as it forecasts earnings before tax to range between $35 to $38 million for FY22.

In August, the company revealed it was shaking up its business structure and expanding further into the Asia Pacific region off the back of a record 29 per cent year-on-year growth in phone numbers to 5.8 million. 

The Australian communications software and cloud infrastructure provider said its phone number increase was a “key performance indicator for future growth”, feeding into its total recurring revenue, which rose 12 per cent to A$113.2 million during the year to 30 June. Overall revenue, however, was down 5 per cent, to A$218.7 million. 

MNF commenced a series of technology trials with three large global customers in Singapore as part of its Asia Pacific expansion efforts in February.

“We have taken a measured approach to ensure we are meeting the highest standard of customer service, consistent with our service levels in the Australian and New Zealand markets," Sugo said at the time.  

Tags MNFSymbio


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