A firm which specialises in the shared rental housing market has been sold for an undisclosed sum.

Glide was the brainchild of two students at Birmingham University ten years ago.

It aims to make sharing bills simple for tenants and letting agents by delivering one monthly bill for all utilities and services.

Founded by Sandeep Krish and James Villareal, the firm’s turnover was £16m last year, with pre-tax profits of £720,000. Turnover this year is expected to be £20m.

The firm has been included in the London Stock Exchange’s list of 1,000 companies to inspire Britain, and the Sunday Times Fast Track 100.

The buyer is student broadband specialists CableCom.

Villarreal said the acquisition had the potential to revolutionise the student and shared lettings market.

He said: “This deal represents two massively complementary companies coming together to create a new way for landlords and letting agents to manage their tenants’ bills.

“For Glide, having that extended reach into the student property market thanks to CableCom will reinforce us as the market leader with a truly different proposition, helping us make students’ lives easier and bringing down admin costs for landlords and letting agents.”

Mark Burchfield, managing director of Somerset-based CableCom, said: “This acquisition means students can tap into a shared knowledge and expertise, making their life simple and allowing them to concentrate on the things that matter. It also allows landlords greater visibility of tenants’ bills.”

The deal means that the two businesses combined will service over 300,000 student homes.