iiNet on the prowl for acquisitions

Perth-based iiNet, the third largest ISP in the country, is on the prowl for more acquisitions in an attempt to continue the company’s growth.

“The focus for iiNet in the 2010 full year will be to continue to enhance customer service, improve brand recognition and launch new content, while looking for value-creating acquisition opportunities to build further scale,” managing director Michael Malone said in the company’s recent annual report.

Malone also wrote the company plans to expand its market share of broadband customers from 8% to 15% quickly, and that “this is necessary in order to achieve the required scale to compete effectively in the future”.

“We climbed from 6% at the end of the last financial year to 8% at June 30, 2009, through organic customer growth of iiNet and Westnet.”

iiNet recorded annual net profit of $25.6 million for the 2009 financial year, representing a 29% increase.