Telecommunications and cloud services provider, Magnet Networks, has bought the Irish retail business division of Imagine Communications Group in an all-cash deal.
The new enlarged Magnet Business division will have 11,000 SMEs and corporate customers after the dea.
The company will have a workforce of 95 people, including 17 new staff from the acquired business. It also has plans to hire additional people in the coming months.
It offers a range of broadband, voice and cloud telephony solutions along with wi-fi, cybersecurity and managed services. It is headquartered in Dublin with offices in the Galway, London and India.
It said it will use the Imagine network to provide existing and new business customers with wireless broadband services.
Since it was set up in 2004, Magnet Networks - with the support of its parent Columbia Ventures Corporation - has invested over €120m in developing an advanced telecoms network.
Its clients include Amazon, ESB, Adobe, Lidl, Fáilte Ireland and Centra.
The Imagine sale is part of its strategic focus on the national rollout of its new advanced 4G Long-Term Evolution network, which it says will bring competitive high-speed broadband services to businesses and consumers in regional and rural Ireland.
"The acquisition of Imagine’s retail business division is a step-change acquisition for Magnet, placing us as the third largest telecoms provider to the business community in Ireland," commented Magnet Network's chief executive Mark Kellett.