Hong Kong's PCCW and HKT Trust have teamed up to acquire the software platform and proprietary technology of B2B peering server connectivity company Console Connect.
It's the second shoe to fall of course. Two weeks ago, it was revealed that the founder of IX Reach, Stephen Wilcox, was buying back much of the company's network assets and customer contracts and putting it back under the original name.
In its new incarnation under the auspices of PCCW and HKT, Console Connect will be led by CTO Paul Gampe. The platform will find synergies with PCCW's global connectivity infrastructure, while HKT will use it to enhance its consumer and enterprise services.
Just what happened to prompt the sale of Console Connect in pieces isn't completely clear. However, the industry scuttlebutt I was hearing earlier this year was that the company just hadn't delivered on its business plan on a number of fronts, and other interconnection platforms had erased the lead the company had established a few years ago in terms of deployment and technology.
Apparently when the time to 'fish or cut bait' arrived, the company's investors chose to cut bait. We haven't seen the last of either piece though.
This article was authored by Rob Powell and was originally posted on Telecomramblings.com
Rob Powell is founder & editor of Telecom Ramblings, which was set up in 2008. The website is dedicated to discussing trends and developments in the telecom industry.