Macquarie Telecom Group has 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.
The move has been a decade in the making thanks to the company’s success in the industries in which it operates.
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Macquarie acknowledges that the successful implementation of its strategy, validated by a 500%+ share price growth, seven consecutive years of profitable growth, and a current market capitalisation of over $1.3bn, has transformed the company into a core plus digital infrastructure business over the past decade.
As a result, Macquarie intends to request a move from the S&P index “Diversified Telecom Services” to “Internet Services & Infrastructure.”
“We are still Macquarie, a proudly Australian company, driven by our purpose to make a difference in markets that are underserved and overcharged,” said Macquarie 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.”
The four businesses under the Macquarie Telecom Group: Macquarie Cloud Services, Macquarie Data Centres, Macquarie Government and Macquarie Telecom will still remain the same as the company will continue trading under the MAQ stock market code.
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Macquarie’s current customer base includes the Australian Tax Office, BPAY, Officeworks, and two of the world’s three largest cloud companies.
The Extraordinary General Meeting, which will seek approval from shareholders to change the company’s name to Macquarie Technology Group Ltd, will be held at 10am on Monday 22nd May 2023. If approved, the new name will be effective from June 2023.