Chess Telecom continues acquisition strategy
Chess Telecom has bought acquired Deep Blue Networks.
Chess Telecom, a business data and voice solutions firm, has acquired Deep Blue Networks.
Furthermore, the firm also bought Rely Telecom and Supply Communications.
It is thought these deals, which could have been bolstered through business negotiation techniques, will boost the annual turnover of Chess by £3.3 million, as well as increase its customer base by around 1,500.
This expansion was supported by a funding package from Barclays Bank, which Insider Media valued at £21 million.
The enterprise's growth strategy is described as "buy and build", with the newly-acquired firms forecast to take wholesale services from Chess while continuing to remain in business.
"With the backing of Barclays Bank, we've a significant acquisition fund left to spend," Chess director Richard Btesh declared.
The company is constantly looking out for new business opportunities and has the "cash, experience and ability to move quickly", he continued, arguing the organisation now leads the market in consolidating small and medium-sized telecom reselling businesses.
Posted by Edel Quinn
Source: Press reports, April 23rd