Fast-growing tech firm snaps up York-based family business
Leeds-based telephony, mobile and internet specialist The Technology Group has acquired York family business Local Telecom Service (LTS).
The Technology Group – winner of TheBusinessDesk.com’s Fast Growth award at this year’s Yorkshire Masters Awards – is a £6.5m-turnover firm with ambitions to hit £15m turnover by 2022. Its latest acquisition adds £15.m to turnover. LTS is the group’s second acquisition in 18 months, following on from buying Exchange Comms in October 2017.
CEO Jonathan Marsden said the firm is planning a third acquisition later this year.
LTS is an established, family run business to business telecoms provider in York. The eight-strong LTS team will remain at the York office operating under the Local Telecom Service brand.
Marsden said: “Acquisitions form one of the key pillars of our growth strategy, which is to reach £15 million turnover by 2022, double staff numbers to 65 and customer numbers to 2,000. This latest acquisition, coupled with continued organic growth, means we are well on course to achieve our target.”
The Technology Group has 39 staff, 900+ customers, global telephony solutions in 22 countries and counts Sage PLC, Oxford College, Rugby School, the NHS and Yorkshire Wildlife Trust among its clients.
David Marsden, acquisitions director at The Technology Group, added: “LTS is an established and respected business with a fantastic team and a strong customer base. For the company’s 400+ customers it will be very much business as usual: they will continue to receive the same high levels of service and support from the people they have built strong relationships with. Added to that, they will have access to a wider product portfolio, the latest technological innovations and the broader technical knowledge and resources that comes from being part of a wider group.
“For The Technology Group, this is a superb opportunity to bring more great people into our team, welcome fantastic new customers to the business and add a globally respected product to our portfolio. LTS is a Panasonic Solutions Partner, which will give our customers access to the latest Panasonic technologies alongside the systems we currently offer.”
Former Local Telecom Service director, Mark Mills, added: “From the first meeting with David and Jonathan we felt there was a synergy between the two businesses, and we feel confident that they will continue to look after our team and customers and take the business forward. I’m sure an exciting future lies ahead for LTS staff and customers.”