8/19/2009 6:54:00 PM
Daisy Group in £39m buying spree
Daisy Group concluded its £39m acquisition spree with the £17m purchase of Redstone last Friday (14 August).
Daisy has now firmly set its sights on dominating the SME market as a service provider/distributor, with what it considers to be unparalleled mobile, fixed and IT capabilities.
The company, which bought Redstone’s telecoms and mobile arm for £17m, plans to be a converged SME market specialist that can work across mobile, communications and IT.
Daisy Group CEO Matthew Riley (pictured) told Mobile: ‘There is massive potential for Daisy’s converged offering – we are talking about an SME market specialist that can operate across the unified communications, IT and mobile.’
The firm has set a 28 August deadline for the Redstone acquisition, after which it will be integrated into the new company, with jobs possibly affected as a result.
The company was formed two months ago when telecoms companies Daisy and Vialtus were reversed into AIM-listed Freedom Group in a £123m deal. Its acquisition of Redstone was its third in as many weeks, after buying telecoms and IT supplier Eurotel and communications and technology company AT Communications.
A massive integration and rebranding process is set to follow, as well as discussions with mobile operators to consolidate Redstone’s supplier arrangements. Redstone had been the only airtime distributor with deals with all five major networks.
Riley said there will be more acquisitions to come over the next 12 months, and added: ‘We will be working to integrate all acquired companies into the business model of the group.’
The long term strategy for Redstone is to rebrand the fixed-line side of the business and for it to be integrated into the Daisy Group business model. The distribution arm of the company will remain as is it is.
Riley added: ‘We understand how competitive this market is. It is all about service delivery and a consistent service approach and we believe we can maintain the high levels of service required to be successful.’