This latest deal by the Solihull-based company follows on from its buyouts of Talk Internet and Swains last year.
Both Wavenet and APR Telecoms provide communication products and services to businesses such as telephony and cloud computing.
Bill Dawson, chief executive of Wavenet, said: "This is an exciting opportunity for the customers and employees of both APR Telecoms and Wavenet.
"Our increased capabilities and skill sets will further enhance our customer service experience and give APR Telecoms' customers access to Wavenet's broader and expanded product sets, particularly in unified communications and IT services.
"I am thrilled to have APR Telecoms joining us and look forward to building on the strengths offered by their business and earlier acquisitions."
Andy Rackham, managing director of APR Telecoms, added: "Wavenet was our largest supplier and already billed our customers on our behalf so we had built an excellent relationship through years of trust and support.
"This made the process of selling much less stressful, financially attractive and better for both our customers and staff."