Pinnacle Telecom Group has acquired Leicestershire-based Solwise Telephony for up to £500,000 in an all-share deal.

Pinnacle Telecom Group has acquired Leicestershire-based Solwise Telephony for up to £500,000 in an all-share deal.

Solwise Telephony provides telecommunications services to the SME market, including line rental, broadband and other bespoke services. The company had a turnover of £1 million and operating profits of £18,000 in the 17 months to September 2009. The deal comes after Pinnacle’s acquisition of ATUK in June last year.

Alan Bonner, chief executive of Pinnacle, said: ‘Cross-selling multiple services to our customers is a key feature of our strategy, which will be enhanced by this acquisition. We intend to build on our strategy of expanding the company through bolt-on, well priced opportunities.’

In the six months ending March 2009, Scotland-based Pinnacle reported an increase in revenue of 48 per cent to £1.1 million, while net losses were reduced by 40 per cent to £512,000.