Telecoms provider acquired audio-conferencing company as COO Gareth Kirkwood departs after two-and-a-half years
Daisy Group has announced it is buying audio conferencing company Worldwide Group for an initial cash sum of £28 million. The fee may be increased based on the growth in EBITDA over an agreed earn-out period.
Worldwide Group, based in Peterborough, supplies services to global audio-conferencing companies and, though UK-based, routes inbound calls from a number of foreign territories.
It provides communications products including lines, calls, data connectivity, inbound-telephony, international toll-free services, maintenance services and disaster recovery.
Worldwide reported revenues of £36.4 million and EBITDA of £4 million for 2011. Its existing senior management team will remain to lead the business.
Daisy Group CEO Matthew Riley said: “Worldwide represents a strong strategic fit and clear growth opportunity for the Group. Its audio-conferencing solution creates a new revenue stream for Daisy, whilst driving further cross-selling opportunities into our existing customer base and providing Worldwide’s customers with access to the Group’s full portfolio.
“Worldwide has demonstrated strong growth through its audio-conferencing technology in recent years. With many organisations now looking to reduce costs associated with business travel, we believe the audio-conferencing market is an area capable of delivering sustained growth and we are excited to introduce this product into our customer base.”
The purchase comes alongside the announcement that Daisy Group COO Gareth Kirkwood (pictured) was leaving the company after two-and-a-half years. Riley will now be taking on these responsibilities.