Wholesale telecommunications provider Vocus has paid Southern Cross Cables US$12.9 million to upgrade its undersea cable capacity and has extended its 10-year lease by an additional five years, according to its half-year results today.
The company said in its announcement to investors that it had signed the deal on 1 January 2011, and had extended its lease agreement with Southern Cross Cables on 11 January this year. Vocus has secured access to the cables for the period to 2025.
In its half-year results, the company also reported that its revenue had grown by a massive 92 per cent to $13.9 million in the first half of the financial year to 31 December 2010, up from $7.2 million in the corresponding period in the last financial year.
CEO James Spenceley said the results would allow Vocus to look at growth in a number of areas in the near future.