The acquisition is the first of 2014 and will add approximately 300 customers, over £3m of revenue and nine new staff members to the Elite Telecom Group.
Matt Newing, founder and CEO of Elitetele.com says; “Modern Communications was a very targeted acquisition for us as we continue to expand our presence in London. It is the third acquisition we have made in the capital in total and we see this as a key platform for future national and international growth.”
London-based Modern Communications was founded in 1998 and provides business telephony, fixed line services, connectivity, hosted IP and business continuity.
Matt comments: “With Modern Communications comes great new supplier and partner contracts, including longstanding relationships with global leaders in hybrid cloud solutions. This greatly enhances Elite’s portfolio of virtual and next gen products, furthering our footprint within the UC sector and ensuring we continue to operate above the market.
“This acquisition more than allows us to continue our promise of adding value to the customer and giving them the solutions that they want and need now.”
Adrian Barnard, founder and managing director of Modern Communications, adds: “Elite shares the same vision and foundations on which Modern Communications was built and I am delighted for us to become part of the Elite business. The company is very dynamic and forward thinking. This acquisition enables us to enhance the provisioning of unified communications services further afield.”
Elitetele.com is hot on the acquisition trail with Matt adding that there are more in the pipeline with a second deal looking likely to close very soon. He says: “Growth by acquisition is a key part of our strategy to double the size of the business by 2015.”
Elitetele.com was advised on the deal by Gareth McIntegart (DLA Piper, acting for the company), David Clift (CLB Coopers) and Ian Riggs (Hill Dickinson, acting for Lloyds bank).
Modern Communications was advised by Adam Zoldan (Knight Corporate Finance) and Karen Houghton (Mason Hayes).