Business telecoms player Magnet has bought Irish internet telephony firm Glantel for an undisclosed sum and will create 10 new jobs on the back of the acquisition.
Glantel, which operates out of the Digital Hub, is a two-year-old start-up founded by experienced telecom executives, Declan Murphy and Darren O’Donohoe.
The pair had spotted a gap in the market to develop quality, broadband-based telephone systems for SMEs.
Since start-up, the company has received support from Enterprise Ireland, achieved profitability and has signed up business customers which include firms like Directski.com, BookAssist and the Sports Surgery Clinic.
“Glantel have in a very short space of time become the leading provider of converged voice and data solutions to the SME market – a technology and market expertise that complemented our own plans in that area,” said Donal Hanrahan, corporate development director at Magnet.
Hanrahan added that the acquisition will expand Magnet Business’ converged voice and data capabilities and will bring not only new business acumen but also additional engineering expertise into the company.
Magnet Networks is owned by Ken Peterson’s Columbia Ventures Corporation, which owns the Hibernia Atlantic transatlantic fibre optic network.
Glantel co-founder Darren O’Donohoe said the company’s founders have extensive telecoms industry experience, working with companies like AT&T. He said the deal will provide the company with access to a large sales force, vital to a technology start-up. “The opportunity to leverage off those assets was too good to pass up.”
Declan Murphy said the deal will mean existing customers of Glantel will gain access to superior support structures and account management.
By John Kennedy