Toscafund Asset Management-owned telecoms group TalkTalk has agreed a deal to acquire London-based provider of high-bandwidth network services Virtual1.
According to the company, the acquisition will see an expansion of the TalkTalk Business offering including the addition of high bandwidth data connectivity and value-added services including SD WAN, cloud IaaS (Infrastructure as a Service), security and colocation services based out of three data centres. In addition, Virtual1 hosts voice services and a SIP exchange that connects to all the major UK SIP providers.
Following the deal, Virtual1 chief executive and founder Tom O’Hagan will continue to lead the company as a 200-person standalone business working as part of the TalkTalk Group.
O’Hagan said the deal would “change the market” and deliver “game changing connectivity solutions” on a network with 3,000 exchanges.
Tristia Harrison, TalkTalk CEO, said: “Since taking the company private in February 2021 we have looked to invest to strengthen both our B2B and wholesale platforms.
“As all businesses continue to experience increasing demands for high bandwidth services, we see huge benefits in acquiring Virtual1 coupling our national scale network with their market-leading APIs and software capabilities.
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