Business broadband provider Updata UK has sold a majority stake in its company to an investment firm.
According to a statement on its official website, LMS Capital has acquired a 53.3 per cent stake in the internet service provider (ISP) this week.
The all-cash deal set the company back £6.2 million and was launched in support of a management buy-out.
Updata, which specialises in providing broadband and network services to public-sector organisations, was previously owned 60 per cent by Danish firm Updata Europe A/S.
LMS Capital revealed that the ISP enjoyed a turnover of £5.1 million in the year to June 2008, a figure which rose to £10.9 million in the following year.
Pieter Hooft, Managing Director of UK Investments for the international company, said: " The management of the company has instilled a culture of excellence in customer service which differentiates Updata UK from its competitors."
Meanwhile, network supplier NetServices told Computer Weekly recently that the government's plans for the broadband industry will benefit consumers but do very little to aid businesses.