Chess Telecom has bagged Surrey-based Pennycom, its 40th acquisition in six years.

Jackie Reeves, Director of Pennycom, said: "Chess has a proven track record at making successful acquisitions. We knew this deal would give us the best value, and more importantly, our customers. I am confident the transition will be a smooth one and our customers will be more than satisfied."

Chief Executive, David Pollock, said: "What a fantastic way to kick 2010 off, by celebrating our 40th acquisition! 2009 was a difficult year for businesses, and 2010 is going to be even harder, but for Chess we see it as a great opportunity for growth and we have a proven track record of success. There will definitely be more acquisition news over the next 11 months."

Richard Btesh, Chess Director, added: "Continued market consolidation means our list is always growing and our flexibility and reputation enables us to approach increasingly significant targets. 2010 is going to be an exciting and challenging year for all of us at Chess."