Telstra PhoneWords today announced a Consortium consisting of Telstra PhoneWords founder, Gavin Scholes and investors lead by Aura Funds Management, has acquired Telstra’s 85% stake in the business for an undisclosed amount.
The existing relationship with Telstra has been in place since 2004, and its success has seen Telstra PhoneWords become a leader in the rapidly growing PhoneWords market, which is proving integral to the marketing and advertising efforts of Australian businesses.
On completion of the transaction Telstra PhoneWords will revert back to its original name of 1300 Australia, and the management team and employees will continue in their current positions.
CEO Gavin Scholes said, “This is a significant milestone for the business and we are excited for what lies ahead. There is a significant runway of growth in the Phone Words market as more businesses seek simplicity and cut through in their marketing campaigns. “The business would not be where it is today without the support it has received from Telstra. Together we have invested over $50 million to create a product that is now seen as an increasingly important marketing and advertising tool for businesses of any size.
“Phone Words help companies get a better return on their marketing and advertising efforts for the simple reason that market research has shown time and time again that customers remember words better than numbers.” 1300 Australia will no longer have an exclusive relationship with Telstra and the company will broaden the scope of its offering including creating wholesale arrangements with other telecommunication companies, and marketing and advertising agencies.