Feeds

Redstone snaps up Symphony Telecom for £17m

It's a mobile SME thing

Secure remote control for conventional and virtual desktops

Redstone plc is to buy mobile outfit Symphony Telecom for about £17m as part of plans to expand its business in the UK.

Symphony Telecom is a distributor of mobile and fixed line telecoms to small and medium sized businesses (SMBs). It also acts as a distributor for all five mobile network operators within the UK.

Once the deal is completed Redstone will add more than 8,000 corporate and SMB punters to its existing customer base and rename the operation Redstone Mobile. It also reckons that the addition of a mobile business will give it the opportunity to bundle mobile services alongside its existing fixed line and broadband products.

"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," Redstone chief exec Martin Balaam said in statement to the Stock Exchange today.

Last year, Redstone snapped up Xpert Group Ltd - an independent converged IP solutions provider specialising in contact centres, voice and video, IP networks and security - for £25.5m. The addition of Symphony means Redstone will now operate in five main business areas including telecoms, mobile and converged solutions.

Today's announcement came as Redstone announced that revenues for the year to the end of March were up 46 per cent to £72.5m, primarily as a result of the acquisition of Xpert Group.

Overall, operating losses rose to £22.9m compared with £7.2m a year before "mainly due to restructuring costs and the goodwill impairment of historical acquisitions". ®

Intelligent flash storage arrays

More from The Register

next story
Mighty Blighty broadbanders beg: Let us lay cable in BT's, er, ducts
Complain to Ofcom that telco has 'effective monopoly'
Download alert: Nearly ALL top 100 Android, iOS paid apps hacked
Attack of the Clones? Yeah, but much, much scarier – report
Yahoo! blames! MONSTER! email! OUTAGE! on! CUT! CABLE! bungle!
Weekend woe for BT as telco struggles to restore service
Fujitsu CTO: We'll be 3D-printing tech execs in 15 years
Fleshy techie disses network neutrality, helmet-less motorcyclists
Soz, web devs: Google snatches its Wallet off the table
Killing off web service in 3 months... but app-happy bonkers are fine
Ofcom tackles complaint over Premier League footie TV rights
Virgin Media: UK fans pay the most for the fewest matches
FCC: Gonna need y'all to cough up $1.5bn to put broadband in schools
Kids need more fiber, says Wheeler, and you'll pay for it
NBN Co screws lid on FTTP coffin
Copper and HFC dominate in new corporate plan
prev story

Whitepapers

Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.
10 threats to successful enterprise endpoint backup
10 threats to a successful backup including issues with BYOD, slow backups and ineffective security.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.