Singapore-based MediaRing Ltd, which calls itself the world's first profitable voice over Internet protocol (VoIP) provider, is looking to buy Web service providers in Asia.
The company recently got a capital injection from private equity advisory group NewSmith Capital Partners (Asia) Pte Ltd and venture capital group Granite Global Ventures II, LP.
"We now have about $50 million in our war chest," said Chief Executive Khaw Kheng Joo, adding he will use the proceeds to buy Internet Service Providers (ISPs) in Asia and to establish joint ventures.
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