Redsquid looks to double turnover to £9m through acquisitive growth

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Vodafone Platinum Partner looking to purchase up to three companies over next twelve months

Redsquid Communications is aiming to more than double turnover to £9 million within two years, driven by acquisitions and a 150 per cent increase in staff numbers.

The Vodafone Platinum Partner, which has 14,000 connections on its base, is looking to purchase up to three companies over the next 12 months to expand its offerings in the managed services and IT sectors. Discussions with potential suitors are ongoing.

Redsquid’s first and last acquisition was that of Gold Partner 5Com for an undisclosed fee last year, adding 3,500 connections to its base.

This strategy will coincide with an expansion of its offices over the next six months. Redsquid is knocking through to the building next door, which will space to 7,000 square feet.

Redsquid is forecasting that with potential acquisitions and additional offices, it can increase staff numbers from 40 to over 100 over the next year.

Rising revenues

The immediate aim is to grow turnover by 50 per cent to £6 million in its financial year ending March 31, 2017, driven by a higher numbrr of customers buying more than one product.

Redsquid Communications CEO Sohin Raithatha (pictured) said: “This time next year, we’ll hopefully have completed some acquisitions, with headcount up to 100 and projected turnover of £9 million.

“Our current target is turnover of £6 million by the end of March. We’re on track to hit that as we are seeing a growing number of customers taking multiple products from us.

“Our revenues are rising all the time. Rather than just offering customers a 24-month contact on mobile, we can stretch that further with other products and services.”

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