HMT acted as reporting accountants to Investec in the acquisition of Telinet Limited and Telinet Solutions Limited by Statevine Limited.
Telinet was established in 1993 and provides telecommunications services including installation of telephone systems, the provision of lines and calls and maintenance contracts.
Telinet was acquired from its management team by Statevine, a holding company which recently acquired RGT Limited, a smaller telecommunications service provider which provides similar products and services to Telinet, and has recently developed a new cost-effective Voice Over Internet Protocol solution which enables customers to benefit from the new technology without replacing their existing hardware. The acquisition of Telinet will enable the enlarged group to roll out this new product across its combined customer base of SMEs across a wide range of industry sectors.
Andrew Thomson commented:
“This is an exciting opportunity for both Investec and Statevine. The combination of Telinet’s growing customer base with the new VoIP product technology should allow the group to fully exploit a fast growing market.”