LDC-backed Onecom makes third M&A move of 2021 with IP Office buyout

Deal follows acquisition of Olive Communications earlier this year

Private equity-backed Onecom Group has made its third acquisition of 2021 with its buyout of IP Office.

Based in Exeter, IP Office offers telephony services and business communications to customers in sectors including education, healthcare and leisure.

IP Office will bring more than 700 new customers to the Onecom business.

The acquisition is Onecom's third this year, following its acquisition of close rival Olive Communications in February which created a communications provider with more than £140m in revenues.

The Olive Communications acquisition was soon followed by another in the shape of Gloucestershire-based 9 Group, which added 5,000 customers as well as some 450 indirect channel partners to the business.

Onecom received £100m in funding in 2019 from LDC to fuel its growth strategy. The business now employs more than 600 staff across the UK, counting Vodafone, Mitel, Samsung, Apple, Gamma and Five9 among its key vendors.

Martin Flick, Onecom Group CEO, said: "As we continue to grow, supported by LDC, we are delighted to welcome the IP Office team and customers to Onecom in a move that further supports our mission to build on and extend our geographic presence by acquiring strong businesses that share our culture, values and ethos. IP Office has demonstrable strength in the health sector which is an excellent complement to our already existing specialisms that bring proximity to specific customer need in distinct markets."

"We are delighted to welcome IP Office's long-established SME and enterprise customer base and its fantastic team who share our commitment to providing exceptional products, services and simply brilliant customer experiences to UK businesses of all sizes."

Yann Souillard, head of LDC in London, added: "Strategic acquisitions have been a core component of Onecom's growth strategy since we backed the business in 2019. The acquisition of IP Office supports this strategy by further increasing Onecom's geographical reach and its capabilities to meet the rising demand for its services."