Magnet Networks Explained

Magnet Networks, trading as Magnet Plus,[1] is an Irish company providing telephone and broadband internet services which was launched in Dublin in 2004.[2] Originally owned by the US-based international investment company Columbia Ventures Corporation (CVC),[3] it was acquired in December 2020 by the "Irish investment vehicle" Speed Fibre Group.[4] [5] Speed Fibre Group, itself a subsidiary of the Irish Infrastructure Fund,[4] also owned AirSpeed Telecom and, in 2021, these two companies joined to operate under a combined "Magnet Plus" brand.[1] [6] As of 2020, Magnet Networks reportedly had approximately 100 staff.[3]

Organisation

Magnet Entertainment, the home services division of Magnet Networks, provides digital telephony, digital television, video on demand, and broadband internet products.

Magnet Business provides DSL internet access and VoIP telephony to business customers. As of 2016, Magnet Business was reportedly the "third-largest business telecoms provider" in Ireland.[2]

As of February 2020, Magnet's "interim managing director" was Dave Brewer (of then parent organisation CVC).[7]

Magnet Network's competitors in Ireland include Virgin Media Ireland, Sky Ireland and eir.[8] [9]

Notes and References

  1. Web site: Magnet Networks, Airspeed Telecom become Magnet+ . techcentral.ie . 30 December 2021 . 15 March 2023 .
  2. Web site: Magnet Networks reports €4m loss in 'tough' telecoms market . Irish Times . irishtimes.com . 6 October 2016 . 8 June 2020 .
  3. Web site: Magnet Networks - About . magnetnetworks.com . https://web.archive.org/web/20200608150224/https://www.magnetnetworks.com/business/about/ . 8 June 2020 .
  4. Web site: Speed Fibre Group closes acquisition of Magnet Networks . siliconrepublic.com . 7 December 2020 . 15 March 2023 .
  5. Web site: 'You have to earn people's trust for them to believe in you' . siliconrepublic.com . 25 October 2021 . 15 March 2023 .
  6. Web site: About Us . magnetplus.ie . 15 March 2023 . AirSpeed and Magnet Networks [..are..] After joining forces under the Magnet Plus banner.
  7. Web site: Brewer steps down as Magnet Networks MD. independent.ie. Independent News & Media . 19 February 2020 .
  8. Web site: So what should you consider when switching broadband plans? . Journal Media Ltd . thejournal.ie . 28 May 2016 . 8 June 2020 .
  9. Web site: Virgin complaint over Magnet advert fails . Independent News & Media . independent.ie . 27 October 2019 . 8 June 2020 .

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