Maintel Holdings has today announced it has entered into a conditional agreement to acquire Azzurri Communications for £48.5m.
However, the London-based corporate technology company, which announced the potential deal on the London Stock Exchange this morning, has outlined that any deal for Azzurri is dependent on a £24m share raise.
Azzurri Communications is an established technology and managed communications provider, offering a variety of communication services including telephony, mobile services, document management, workforce optimisation, security, unified communications as a service and managed services.
Commenting on the proposed acquisition, Eddie Buxton, CEO at Maintel, said: “Azzurri Communications is a highly respected business with a complementary product offering and target market, which will provide enhanced scale and visibility for the combined group. This acquisition will accelerate Maintel’s shift into hosted cloud and data, ensuring we are well positioned to take advantage of these high growth areas of the unified communications market. It will also build scale in managed services, continuing the shift in our business mix, which we have been driving following previous acquisitions.”
With the addition of Azzurri Communications, the enlarged group will provide a broad suite of solutions and services including a network services division, a mobile division, managed services, and technology and professional services.
Buxton continued, “With the acquisition of Azzurri, Maintel will also gain a new set of highly skilled and professional team members. We are looking forward to welcoming Azzurri employees to the group.”
Chris Jagusz, CEO of Azzurri Communications commented, “We are really pleased at the prospect of joining Maintel because this enables the combined business to offer its customers a broader range of services. Our employees will benefit too by being part of one of the most significant players in our market”.
Earlier today, Maintel announced revenues for 2015 of £50.6m, rising from £41.9m in 2014. This 21% boost in revenue reflects the continuing success of integrating its previous acquisitions of Datapoint and Proximity Communications with recurring revenue of 69%.
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