Irish mobile device distributor Commercial Wireless has acquired a majority stake in a UK firm to spearhead its overseas expansion plans.
The company has acquired a majority shareholding in Tracktech for an undisclosed sum. It has retained an option to wholly acquire the company if revenue and profit targets are achieved.
Tracktech will continue to trade under its own name in the short/medium term, while Commercial Wireless finalises plans to separately establish a full operating subsidiary in the UK later this year.
“Our operations in the UK have become increasingly important to us in recent years, in terms of growing revenues and customer base,” explained Michael Moriarty, managing director, Commercial Wireless.
“Our deal with Tracktech will help us to consolidate existing client relationships in the UK and to build new business.”
Tracktech develops bespoke application software for its customers, which complements Commercial Wireless’ business.
“Along with our customer service expertise, we plan to build on this knowledge to support our expansion in the UK.”
Commercial Wireless has grown significantly by acquisition in recent years. Earlier this year, the company took over the Irish operations of multinational technology services company, A NOVO, and in 2005, the company acquired Cork-based mobile phone distributor Choice Communications.
By John Kennedy