A company which specialises in providing conference calls for businesses has been bought out in a multi-million pound deal.

MeetingZone based was snapped up by private equity firm GMT Communication Partners for £38.5m. All 45 staff will continue to be employed at the firm’s Thame headquarters.

Established in 2002 by Tim Duffy and Steve Gandy, the company has grown steadily and had a turnover of £11m for the year ending March 31 2011 with 20 per cent growth expected this year.

Clients include retailer Debenhams, accountants BDO and construction firm Taylor Wimpey.

Mr Duffy and Mr Gandy will sell some of their interests in the business, but remain significant shareholders, with Mr Gandy continuing as chief executive, while Mr Duffy becomes non-executive chairman.

Mr Duffy said: “We are delighted to have found an investor with the skills and experience required to help us take MeetingZone to the next stage of its growth.

“GMT’s access to international networks, expertise and support in the coming years will allow us to continue to develop our market-leading technology platform and focus on our commitment to service excellence.”

Stefan Franssen, partner at GMT, who will join the MeetingZone board, added: “Tim and Steve have built a superb business over the past nine years and we look forward to working with this high-calibre team.”