Broadband speed testing service TrueNet is closing.

The company failed to win the Commerce Commission testing contract, there are few other revenue opportunities for the business in New Zealand.

TrueNet is two-thirds owned by Catalyst IT, the remainder is owned by Jonette Consulting which is turn owned by John Butt and Annette Begg.

For the last six years TrueNet monitored end-user internet speeds using probes installed in homes and offices. Independent testing was sometimes controversial with telecommunications companies, in part because it helped hold them to account. On occasions the testing revealed engineering flaws.

TrueNet says its testing ended on January 31.