Listed Mobile Radio company TeamTalk announced today that it had purchased a strategic stake in telecommunications infrastructure company Araneo.

TeamTalk Managing Director David Ware said the deal will see TeamTalk pay an undisclosed sum for a 35% stake in the company.

Wellington-based Araneo has been providing last mile broadband and super high-speed networks to Internet Service Providers (ISPs) since May 2004.  These networks are used for high quality internet connections, voice over IP, video conferencing and inter-company (VPN) networks (www.araneo.net.nz).

Mr Ware said TeamTalk had singled out Araneo as part of its strategy of strategic acquisitions.

“As a wireless telco we are very interested in what is happening in this space.  This acquisition gives us a foothold in the fast moving world of high-speed wireless data without much risk or getting unnecessarily distracted from our core business.”

Araneo Technical Director Jonathan Brewer said the company was very excited about the investment by TeamTalk, as it would give access to TeamTalk's equipment, facilities, core radio engineering know-how and additional experience on the board. The cash raised will be used to fund expansion.