Social networking company 4D Telecom has been bought by its management. The buy-out was led by chief executive David Lee, who has renamed the business InterMediaActive.

Social networking company 4D Telecom has been bought by its management. The buy-out was led by chief executive David Lee, who has renamed the business InterMediaActive.

Private equity investor Promethean now owns 75 per cent of the company after backing the management with £8.5 million in cash.

Lee’s team plans to build the business both organically and through acquisitions. Promethean will support this strategy by investing a further £8.5 million through a secured vendor loan note. It will also introduce a member of its investment team to InterMediaActive’s board.

InterMediaActive provides chat and dating services. In the year to January 2007, 4D Telecom recorded a turnover of £20.5 million and pre-tax profits of £5.8 million, despite attracting criticism from regulator Icstis for carrying ‘abhorrent’ third-party content.