20th June 2016
The deal has the potential to revolutionise the student and shared housing market by giving landlords and tenants a simpler, faster way to connect, communicate and manage bills.
The deal will boost CableCom’s growth, by widening their service offering and footprint in the UK’s house share market. Together the businesses will service more than 300,000 students. CableCom’s award-winning broadband package will also be rolled out to Glide’s student customers as part of the acquisition.
Glide, which offers one monthly bill for all utilities shared equally among house sharers, will now be able to use CableCom’s broadband network and infrastructure - enabling landlords to monitor utility usage and manage debt in a way they have never been able to before.
Mark Burchfield, Managing Director of CableCom, said: “This is a hugely positive step for the company. We both share the same business principles, offering simple yet innovative products that genuinely add value to students’ lives.
“This acquisition means students can tap into a shared knowledge and expertise, making their life simple and allowing them to concentrate on the things that matter. It also allows landlords greater visibility of tenants’ bills.”
CableCom, based in Somerset, serves more than 250,000 customers across Europe and the UK, providing internet services to high-density accommodation markets such as properties used by students and key workers.
Glide, part of the London Stock Exchange’s ‘1,000 companies to inspire Britain’ and a Fast Track 100 business, was founded in Birmingham in 2006 by James Villarreal and Sandeep Krishan - and was the first company to offer multi-tenant billing in shared accommodation. It is set to turn over £20m by December 2016 and has more than 70 staff. Sandeep Krishan remains at Glide as a non-exec director.
James Villarreal, who will now also join the CableCom board, said: “This deal represents two massively complimentary companies coming together to create a new way for landlords and letting agents to manage their tenant’s bills. For Glide, having that extended reach into the student property market thanks to CableCom, will reinforce us as the market leader with a truly different proposition, helping us make students lives easier and bring down admin costs for landlords and letting agents.”
Over the coming months the teams at CableCom and Glide will be working closely to develop a definitive plan outlining how the two businesses will come together and benefit the sector.