LEVITTOWN, Pa.-FTS Group Inc., an operator of Wi-Fi hot spots and retail wireless locations that market wireless products and services, announced it will acquire a privately held prepaid company based in the Midwest.
According to FTS, the company it is acquiring has been profitable for four years running. It posted annual revenue of $11.7 million for 2003 and generated cash flow of $400,000. FTS declined to name the company or offer financial details of the transaction, but said it will add 3,000 retail distribution points to FTS’ existing locations.
FTS also this week said it is experiencing strong sales of prepaid cellular products and services. “We have long been focused on the prepaid side of the wireless market, and our efforts are beginning to pay off,” said Scott Gallagher, chief executive officer. “Sales of prepaid wireless phones and airtime from Air Voice Wireless and other carriers have been increasing steadily over the past year and are becoming a significant piece of our business.”
