Lancashire telecoms software business Ryder Systems has been purchased in a multi-million pound deal by Nasdaq-listed company CTI Group.
CTI, a major player in the US, has acquired Ryder to expand its global reach in a market that is increasingly driven by consolidation, while obtaining the UK company’s latest cutting-edge technology.
As the European market leader in phone bill analysis solutions, Ryder is expected to turnover £4.2 million in 2006 – an increase of 50 per cent from £2.8 million in 2004, with further significant revenue growth predicted for 2007.
The company employs 65 staff – almost half involved in R&D work – at its Blackburn head office at Daisyfield Business Centre on Appleby Street, and has been providing telecoms software solutions since it was formed in 1988. The company’s new Dynamic Report solution can also be applied to other sectors, such as credit cards.
Ryder’s customer portfolio includes many world leading telecom operators that supply its products and services to tens of thousands of end-users, ranging from consumers through to major global corporations. Ryder counts Vodafone, T-Mobile and Opal amongst its customers.
CTI Group has more than 30 years experience providing electronic invoice management solutions and more than 20,000 installations to customers in 45 countries, in sectors including enterprise, education, government and small business.
Headquartered in Indianapolis, its solutions are provided as licensed, managed services or fully out-sourced systems. The group recently released upgraded software that helps businesses track employee productivity and can save companies up to 20 per cent on phone bills.
Carl Houghton, partner at Clearwater Corporate Finance, who advised Ryder on the deal together with assistant director Simon Henderson, comments: “There are numerous synergies between CTI and Ryder that will deliver significant advantages in an intensely competitive and fast-moving market. Ryder is widely recognised as a European market leader for the provision of bill analysis solutions and represents is an ideal fit for CTI as its seeks to grow its business in this geographic region.
Houghton adds: “In the last 12 months, Ryder has investigated the US market with a view to developing operations there, so the CTI deal could not have been more timely, or strategically effective.”