Redstone plc is to buy mobile distributor Symphony Telecom – owner of Anglia Telecom and one of the largest independent resellers of telecoms services in the UK – for about £17m.
Symphony is a distributor in its own right of mobile and fixed line telecoms to more than 8,000 small and medium sized businesses; Anglia has deals with all five mobile network operators and there are 400 independent dealers on its books.
Once the deal is completed the operation will be renamed Redstone Mobile. “The offer for Symphony represents a key step in our stated strategy to broaden our product offering and take advantage of consolidation in this industry,” said Redstone chief executive Martin Balaam.
Last year, Redstone paid £25.5m for Xpert Group, an independent converged IP solutions provider specialising in contact centres, voice and video, IP networks and security. Redstone do not currently have a mobile telecommunications offering.
Andrew Smith, CEO of Anglia Telecom told us: “It’s business as usual for the mobile divisions of Symphony and Anglia Telecom. The Anglia Telecom, Symphony and Redstone combination, gives the group a unique opportunity, particularly in the ‘indirect’ market, offering dealers a complete fixed, data, VOIP, broadband and mobile product set.”
The acquisition of Symphony will take Redstone’s revenues to around £130m. Both companies have just posted small operating losses for 2006.