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4D Telecom, a provider of social networking services, has been bought by its management. The buy-out was led by chief executive David Lee who has re-named the business InterMediaActive.

The company, which specialises in providing premium rate chat and dating services, is now 75% owned by private equity investor Promethean plc after it backed the management team.

Promethean invested £8.5 million in cash in the deal through its Promethean Investments Fund LP and will now introduce one of its investment team to InterMediaActive’s board.

Lee’s team plans to build the business organically by launching new products and services and through acquisitions. Promethean will be supporting this strategy by investing a further £8.5 million in the business through a secured vendor loan note.

InterMediaActive operates social networking services and develops user-generated content based around specific communities via voice, mobile and 3G messaging. In the year to the end of January 2007, InterMediaActive recorded a £20.5 million turnover and a £5.8 million profit before tax.

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