Chess has announced the Management Buy Out of the hardware maintenance division of its subsidiary, Chess Network Solutions (CNS).
Following a period of highly acquisitive activity, Chess sold the non-core hardware maintenance part of its CNS division to More IP Solutions Ltd. Chess retains its successful data circuits, broadband and systems sales business and More IP will become a Strategic Alliance Partner of Chess.
Chess bought its hardware and data divisions with the acquisition of Hoodpoint in February 2005. The acquisition was a result of the growing requirement for leading telecoms businesses to build data expertise in-house in order to offer increasingly complex converged solutions.
Chess’ data circuits and broadband division demonstrates its commitment to keep abreast of developments within the fast-moving and dynamic telecoms industry. The sale of the non-core element of CNS allows Chess to focus on the areas of the business that generate recurring revenue.
Chess’ Blueprint for Success, launched in December 2005, sets out the reasons the business wants to grow, its vision for the future and its focused and ambitious plans. The sale of the non-core element of CNS is in line with the Blueprint and enables Chess to maximise its potential by removing elements that distract from the core of the business.
Chess’ will continue to concentrate on growing organically and through acquisition, with the promise of further acquisition activity throughout 2006.