GDC sells iVASP

Telecommunications company GDC is continuing to shed assets, with the sale of its application service provider business iVASP to Compass Communications for $850,000.

Settlement is set for March 10.

GDC said all iVASP personnel would be offered jobs with Compass.

Compass is a privately owned telecommunications and internet provider which has more than 35,000 business and residential customers.

Last month GDC sold its Voice Solution business to Cogent Communications for around $1.3 million.

GDC said today it was in "divestment discussions" for its Contracting Services operations, which is its sole remaining area of business.

- NZPA