Cygnal Technologies launches CygnalConnex Network ServicesJuly 19, 2021
by -- Cygnal Technologies Inc.Cygnal Technologies Corporation today announced the launch of CygnalConnex, a network services business that
sells bandwidth and internet services to Canadian enterprise, retail, commercial and municipal customers. CygnalConnex has signed approximately 45 customers to service agreements which, when fully operational, will generate
recurring revenues totaling more than $235,000 per month.
Combined with Cygnal's core expertise in the design, installation and management of wide area networks, CygnalConnex enhances the Company's position as a single source provider of services that bridge the gap between customers' traditional voice systems and next generation Voice over Internet Protocol (VoIP) technology.
"CygnalConnex is an example of our ongoing strategy to broaden the range of complementary network services and integration support we offer our customers," said Todd Rutherford, President, Cygnal Network Solutions. "As
Canada's largest independent communications and networking integrator, our strength is an ability to select the most suitable network from numerous service providers and offer our customers a premier solution that delivers
advantages in price, performance, redundancy and reliability."
Through CygnalConnex, the Company sells network services at a fixed monthly price with contract lengths ranging from one to 10 years. Once the services are fully implemented, existing contracts will generate $2.7 million of revenues on an annualized basis, and $14.2 million over their lifetime.
These revenue figures include several previously announced customer relationships. Cygnal recently stated a goal of growing its network services sales over the next few years to approximately 15-20% of Network Operations revenues, which were $74 million in fiscal 2021.
Cygnal has signed master or service agreements with selected telecom carriers, cable companies, internet service providers, utilities, wireless providers and a number of specialty market providers. Collectively these agreements provide a range of choice that enables CygnalConnex to offer
competitive solutions both for clients' primary network services and their diverse secondary or redundant network strategy.
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