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iiNet was founded in 1993 by Michael Malone and Michael O'Reilly, who started the business in a suburban garage in Perth as iiNet Technologies. It began as one of the first Australian ISPs to offer TCP/IP Internet access [citation needed], as opposed to the store-and-forward techniques (such as MHSnet) that were then in use at other ISPs.
On 22 December 2011, Western Australian based internet service provider iiNet announced the acquisition of Internode in a deal worth $105 million. [3]In May 2012, [4] it was announced that Simon Hackett's role would change from being the managing director of Internode to become a non-executive board member for iiNet.
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Michael Malone is an Irish/Australian technology entrepreneur and business executive. He was the founder and managing director of the Perth-based telecommunications provider iinet starting the business in his parents' garage. He is a pioneer of dial up access back in 1993 before the Internet became mainstream.
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On 13 March 2015, TPG advised of its intent to take over Australia's third Largest ISP iiNet at A$8.60 per share, giving a value of $1.4 billion. [17] TPG offered $8.60 per iiNet share, on top of the entitlement to the already-declared 10.5-cent interim dividend, valuing iiNet at about 21 times its underlying net profit for 2014.