Macquarie Telecom Group, a cloud, data centre, government cyber security and telecom company, recently announced that it intends to change its listed company name to Macquarie Technology Group, reflecting the company’s evolution to become a digital infrastructure business through its success in cloud infrastructure, cyber security, data centres, and telecom.
Why is Macquarie Telecom Group changing its name?
Recognising that the successful execution of Macquarie’s strategy has changed the company over the last decade to a core plus digital infrastructure business, they will be applying to move from the S&P index “Diversified Telecom Services” to “Internet Services & Infrastructure”.
Macquarie’s effective and successful strategy has delivered seven consecutive years of impressive EBITDA profit growth and consequently, its share price has increased by over a whooping 500% during this period with its market capitalization now exceeding $1 billion.
Macquarie’s customer base includes the Australian Tax Office, BPAY, Officeworks, and two of the world’s largest cloud companies. The Extraordinary General Meeting will be held at 10am on Monday 22nd May 2023 to seek approval to change our name to Macquarie Technology Group Limited. Subject to shareholder approval, the name will be effective from June 2023.
What are the executive remarks about the name change?
“We are still Macquarie, a proudly Australian company. Our journey started here, and we’re still driven by our purpose to make a difference in markets that are underserved and overcharged. Macquarie’s world class NPS score of +79 is a testament to the amazing customer experience we deliver for businesses and government agencies,” said Chief Executive David Tudehope.
“As our customers turn to cloud-based solutions, they value our single accountability for cyber security, cloud performance and secure world scale data centres. Our four businesses’ names are unchanged as they reflect what they do – Macquarie Cloud Services, Macquarie Government, Macquarie Data Centres and, where our story started; Macquarie Telecom.”