IDT Corporation, a global provider of fintech, cloud communications, and traditional communications services, announced today that, in light of current market conditions, its Board of Directors has postponed the spinoff of its net2phone cloud communications segment, which it had been preparing to spin off on or before July 31st, 2022.

“The net2phone team has achieved exceptional results bringing advanced cloud communication solutions to markets in North and South America,” said Jonah Fink, President of net2phone. “We remain very excited by net2phone’s rapid growth, the transformational opportunities created through the recent acquisition of Integra, and the strength of net2phone’s global channel partnerships.”

Shmuel Jonas, IDT’s CEO, added, “While net2phone remains within IDT, we will rapidly execute on a plan to transform net2phone’s business so that it will become bottom line accretive, and we remain resolute in our commitment to grow and monetize the business at an opportune time.”