Pinnacle Technology Group has continued the "consolidation" of its holdings, taking the remaining stake in reseller Accent Telecom North (ATN) and disposing of its investment in VoIP player Stripe 21 Limited.
Last April, channel investment vehicle MXC Capital took a 10 per cent stake in the London-listed telecoms, IT services and security provider. Since then it has been busy on the acquisition trail, snapping up Leeds-based resellers Ancar-B and Weston in January.
Pinnacle already owns a 30 per cent stake in Stockton-on-Tees-based telecoms reseller ATN. It has now agreed a deal to buy the remaining 70 per cent of ATN's stock for £586,000.
Today Pinnacle has also announced the sale of its 40 per cent stake in VoIP service provider Stripe 21 for £385,000. Stripe 21 provides managed services for IP voice, data and internet services and is partnered with Cisco and ShoreTel.
Gavin Lyons (pictured), who took over as executive chairman of Pinnacle in December, said these latest deals are part of the firm's efforts to centralise its operations.
"At the time of the placing and acquisition announcement in January, we stated our intention to perform a full review of the Pinnacle business," he said. "There are a number of operational challenges, but before those can be resolved completely, the fragmented nature of the group needs to be consolidated.
"It is critical that we have total ownership of our customers and that the value proposition is focused on higher-value services that meet our customers' needs. These transactions help consolidate ownership of customers and dispose of non-core assets. We remain focused on creating a strong 'IT-as-a-service' business and will continue to simplify the organisational structure of the Pinnacle business to maximise earnings."
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