EFTel receives $3m from Westpac for acquisition strategy

St George's Terrace -based internet service provider EFTel Ltd is building a large scale acquisition fund, including a $3 million facility from Westpac, to expand its acquisition opportunities in the consolidating ISP market.

EFTel CEO Simon Ehrenfeld said partnering with Westpac to drive expansion constituted a sign of confidence by a major institution in the strength and economic performance of EFTel, as well as the outlook for the sector.

"Together with cash reserves and capital raising capability, we will be able to drive our acquisition program on a significantly larger scale than has previously been the case," he said.

"Through acquisitions to date we have developed high skilled teams and sophisticated systems to support this accelerated program. This expansion will also give our retail brand significantly greater exposure during 2006-07."