IDT Corporation Postpones Spinoff of net2phone
May 05 2022 - 5:20PM
IDT Corporation (NYSE: IDT), a global provider of fintech, cloud
communications, and traditional communications services, announced
today that, in light of current market conditions, its Board of
Directors has postponed the spinoff of its net2phone cloud
communications segment, which it had been preparing to spin off on
or before July 31st, 2022.
“The net2phone team has achieved exceptional
results bringing advanced cloud communication solutions to markets
in North and South America,” said Jonah Fink, President of
net2phone. “We remain very excited by net2phone’s rapid growth, the
transformational opportunities created through the recent
acquisition of Integra, and the strength of net2phone’s global
channel partnerships.”
Shmuel Jonas, IDT’s CEO, added, “While net2phone
remains within IDT, we will rapidly execute on a plan to transform
net2phone’s business so that it will become bottom line accretive,
and we remain resolute in our commitment to grow and monetize the
business at an opportune time.”
About IDT Corporation:
IDT Corporation (NYSE: IDT) is a global provider
of fintech, cloud and traditional communications services. We make
it easy for families to communicate and support each other across
international borders. We also enable businesses to transact and
communicate with their customers with enhanced intelligence and
insight.
Our BOSS Money international remittance and BOSS
Revolution international calling services make sending money and
speaking with friends and family around the world convenient and
reliable. National Retail Solutions’ (NRS) point-of-sale retail
network enables independent retailers to operate and process
transactions more effectively while providing advertisers and
consumer marketers with unprecedented reach into underserved
consumer markets. net2phone’s communications-as-a-service solutions
provide businesses with intelligently integrated cloud
communications and collaboration tools across channels and devices.
Our IDT Global and IDT Express wholesale offerings enable
communications service enterprises to provision and manage
international voice and SMS services.
Contact:Bill Ulrey IDT
Investor RelationsPhone: (973) 438-3838E-mail: invest@idt.net
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