'Global Mode' mystery closure explained
The mystery surrounding the canning of internet provider Fyx's "Global Mode" service may have been solved, after Fyx's parent company, Maxnet, was bought by Australian-listed company Vocus for $9.5 million.
Fyx threatened to shake up New Zealand's television industry by letting people access overseas online television services that are not available in New Zealand such as Netflix and Hulu.
However, its Global Mode feature was withdrawn a few days after its launch, earlier this month. There was some speculation that was on the basis of legal advice in Australia.
Vocus, which is valued on the ASX at A$102.8m, said it entered into a binding agreement to acquire Auckland-based Maxnet, which also acts as an internet provider to businesses and a data centre and cloud computing provider.
Vocus' chief executive James Spenceley said the deal would consolidate Vocus as one of the leading telecommunications and data centre operators in Australia and New Zealand.
A spokeswoman could not immediately confirm whether Vocus' concerns had been behind the axing of Global Mode.