Radius Payment Solutions has announced the acquisition of Reliance Networks, marking its seventh deal in seven weeks.
Established in 2009, Reliance Networks specialises in the design, installation and support of communications solutions.
Its acquisition is a key part of a diversification strategy by Radius, which was established by owner Bill Holmes as a fuel card company in 1990. It is now a leading supplier of fleet management solutions, providing a range of products and services including telematics, telecoms and insurance to more than 300,000 customers.
Earlier this year, Radius was recognised as one of the UK’s largest private companies and ranked 19th in the 2019 Sunday Times HSBC Top Track 100 list, having seen turnover grow to £2.5 billion in 2019.
Reliance Networks forms a key part of Radius’ wider group telecoms strategy of building a strong platform from which to market a range of products and services to the existing customer base and beyond, it said.
The Macclesfield-based telecoms provider brings technical expertise in fixed line to further strengthen the existing portfolio of mobile, hosted telephony and unified communications solutions, it added.
Holmes said: “The acquisition of Reliance Networks supports Radius’ ambition to grow a market leading telecoms division.
“Reliance is a really good fit for our growing telecoms business as it has some unique technical capacities that will complement those of the other companies that have recently joined this division. This marks the seventh deal we have completed in the last seven weeks, three of which have been in Telecoms and I’d really like to thank both the Radius teams and our advisers for all their hard work that has helped make this possible.”
Radius were advised on this transaction by Orbis (FDD) and Mason Hayes (Legal). The shareholders of Reliance were advised by KBS (Sell-side advisory) and Farleys (Legal).
Photo caption: Shaun Sumner, director of Reliance Networks (on left) with Bill Holmes, chief executive of Radius Payment Solutions.