Daisy will also assume around £6.1 million of SpiriTel’s bank debt, which the company intends to re-finance from its existing banking facilities.

Matthew Riley, CEO of Daisy, says: ‘This is the largest acquisition Daisy has made since [joining AIM] last year. The Daisy board believes that this acquisition gives Daisy a strong foothold in the mid-market, strengthening our sales team and engineering force, while significantly enhancing both our product portfolio and customer base.’

Founded in 1989, SpiriTel is a business telecommunications provider with four offices across the UK. The company is organised into two divisions; SpiriTel Business, which provides voice and data services to business customers, and SpiriTel Technologies, which is focused on infrastructure. In the year to September 2010 the business division declared a net profit of around £3.1 million on a turnover of £17.7 million.

Lancashire-based Daisy provides voice and data telecoms services to small and mid-sized companies in the UK. It has acquired 10 businesses in the past 18 months, and for the last financial year declared a turnover of £53 million.