Comtel VoIP, a New York-based provider of hosted telephony solutions, was sold to Comstar Technologies, an international provider of advanced telecommunications, managed information technology services, physical security and audio-visual solutions.
The deal was announced by the DAK Group, a Rochelle Park-based investment bank specializing in middle market mergers & acquisitions worldwide.
DAK Group Managing Director Sheon Karol said the deal shows M&A can get done during a pandemic.
“Closing another transaction during the pandemic was particularly challenging for all parties,” he said. “This period requires greater precision in focus and execution. We were fortunate to work with partners who shared this approach to success.”
Karol said the transaction ensures that Comtel customers retain their service while gaining access to the extensive Comstar Technologies portfolio of communications and technology solutions.
This strategic acquisition will expand Comstar’s geographic footprint and broaden Comtel’s solution portfolio beyond its current voice offerings. Comtel will continue to operate under its current name for the foreseeable future, with both companies focusing on continued growth and implementing next-generation communication services to support clients across the region and beyond.
Comtel President David Abams said he was pleased by the deal.
“We are excited to join the Comstar Technologies family,” he said. “Comtel was built by an outstanding and dedicated team with customer service as its top priority. We are looking forward to keeping that philosophy alive with Comstar while also expanding product offerings for our clients.”