Gamma Communications, a technology-based provider of communications services, completed the acquisition of an 80% stake in HFO Holding, a provider of IP telephony services in Germany, for $51m. Gamma believes that it can use its commercial strength and expertise of developing and selling a market leading cloud PBX solution via the channel to accelerate HFO's growth in the emerging Cloud PBX market in Germany. In the UK, Gamma has been able to convert a strong presence in the SIP Trunk market into a market leading presence in Cloud PBX. Gamma's team will work with the experienced management team from HFO to replicate this success in Germany.