Quoted company Alternative Networks has closed its second acquisition of the year by purchasing ControlCircle.

Having built up a customer base including Sage and Rightmove, ControlCircle reported revenue growth of 15 per cent earlier in the month and secured 80 per cent growth it profitability for its last fiscal year.

The business was backed by investor Scottish Equity Partners in 2010 when the firm injected £6 million of growth capital.

Carmen Carey, CEO of ControlCircle, comments, ‘The acquisition represents a fantastic opportunity for ControlCircle.

‘Alternative is a very successful and creditable organisation that complements our services and shares our “customer first” passion.’

Business communications service provider Alternative Networks has been listed on London’s Alternative Investment Market (AIM) since 2005 and has revenues of £114 million.

Stuart Paterson, partner at exiting investor Scottish Equity Partners, says, ‘SEP first invested in ControlCircle in 2010 and has actively supported its successful growth strategy.

‘The acquisition by Alternative Networks opens up further opportunities for progression and represents a good return for all shareholders in the business.’

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