Background: Customer needs are ever changing and organizations are under constant pressure to fulfill these needs. This resulted in the organization moving in new areas and introducing new offerings/business models. In order to thrive in the competitive market, new companies were acquired with a new set of business units were introduced or existing business units are converged. This resulted in the emergence of multiple business model phenomena and ultimately strategies were developed to manage the business models simultaneously. Purpose: The motivation behind this study, is to find the strategy for operating multiple businesses models embraced by an organization to thrive in a developing field. Methodology: This study is a based on qualitative analysis with a single case study method. The information has been gathered from the two semi-structured interviews with top management of the company and by means of annual reports & financial documents. The findings have been analyzed within the case analysis. The case organization is HMS Industrial Networks, a Swedish Industrial communication equipment manufacturer. Empirical Findings: The findings contain a total review of the organization history and business models from 1988 to 2018, based on the gathered information. It is organized in identified time periods. Conclusions: It can be concluded that business models of HMS have evolved from its establishment to current day. Moreover, integrating strategy used to manage multiple business models through acquisition and realizing synergies that adversely alters the distribution of possible outcomes regardless of an increase or decrease of the expected outcome. Future Research: The future research is needed in order to find other types of strategies for managing multiple business models.