By acquiring Redstone, Coms has instantly strengthened its portfolio with the provision to offer IT support, business infrastructure, data centre and smart building solutions to business across the UK and Europe. The only condition for completion was the approval of the transaction by Redstone plc shareholders which was received at a Redstone general meeting held recently. The agreed sum for the transaction was £9.5 million.
This purchase swells the Coms business to ensure it is a leading supplier of total telephony and IT solutions to industry. Additionally, Coms immediately grows its infrastructure, client base and revenues thereby ensuring Coms has made further strides over the course of 2013 and offers huge potential to the business in the future. The Redstone brand name will also continue "business as usual".
Dave Breith, CEO for Coms explains: ““We are delighted to complete the acquisition of Redstone’s ICT business and it demonstrates our intent to become a major player in the sector. Redstone is our seventh acquisition in 2013, and the business is now well positioned to provide the total end-to-end solution. Everyone benefits from this purchase; customers, our partners in the channel, our stakeholders and our staff. We will continue to build on the Redstone brand and this provides an immediate expansion and fully complements our growth strategy of Coms."
Brendan Loughrey, Managing Director of Redstone, reiterates that it's business as usual. "We will continue to trade under the name of 'Redstone' – offering the same services from the same teams and in the professional manner to which our customer have become accustomed. Customers have my total reassurance that the acquisition will have no impact whatsoever on our delivery of services. The move is truly beneficial for Redstone and its customers, as it gives us the backing of a respected and financially stable parent company which is eager to invest in Redstone.
"I look forward to continuing to support our customers now and in the future as part of Coms plc."
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