Once the deal is completed the operation will be renamed Redstone Mobile. “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,” said Redstone chief executive Martin Balaam.
Last year, Redstone paid £25.5m for Xpert Group, an independent converged IP solutions provider specialising in contact centres, voice and video, IP networks and security. Redstone do not currently have a mobile telecommunications offering.
Andrew Smith, CEO of Anglia Telecom told us: “It’s business as usual for the mobile divisions of Symphony and Anglia Telecom. The Anglia Telecom, Symphony and Redstone combination, gives the group a unique opportunity, particularly in the ‘indirect’ market, offering dealers a complete fixed, data, VOIP, broadband and mobile product set.”
The acquisition of Symphony will take Redstone’s revenues to around £130m. Both companies have just posted small operating losses for 2006.