Tuesday Dec 24, 2024
Tuesday Dec 24, 2024
Monday, 6 May 2024 03:36 - - {{hitsCtrl.values.hits}}
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Wavenet Chairman Bill Dawson
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Wavenet and Daisy Corporate Services have announced the decision to combine, creating the UK’s largest independent IT managed service provider.
The business will be a key innovator with scale, focusing on delivering cyber, cloud and intelligent network solutions to UK businesses and the public sector. Its focus will be on customer service excellence, end-to-end solutions and being an expert and trusted partner. It will also boast increased buying capability and unrivalled alliances with global tech providers and tier one telcos.
This latest deal will see the combined business generate a turnover of £500m, employ around 2,000 staff and support over 22,000 customers. Daisy Chairman Matthew Riley will join the board as a Non-Executive Director.
Both Wavenet and Daisy have expanded significantly over recent years through organic growth and strategic acquisitions. In June 2023, Daisy acquired ECSC, bolstering its cyber and security capability. Wavenet has completed six acquisitions since 2021, with successful integration delivering a steep growth trajectory, as well as significantly building its IT services, cyber and next generation communications capability.
Wavenet and Daisy bring together an impressive customer portfolio, and future growth opportunities will come from cross and up-selling to Wavenet’s extensive customer base and Daisy’s select portfolio of high-value customers. Wavenet Chairman Bill Dawson comments: “We are thrilled to be joining forces with Daisy. By combining our strengths, resources and expertise, we are poised to create a stronger and more innovative organisation, well positioned to maximise on the rising tide markets of cyber, cloud and intelligent networks.”
“Daisy is a well-known and well-respected business, and both parties bring unique but complementary strengths to the table. Our shared vision is to create a best-in-class business that will help shape the future of next generation technology.”
Daisy Group Chairman Matthew Riley adds: “Daisy and Wavenet are a great fit, not just in terms of our current operations but our future aspirations and our culture. People are a top priority for both businesses, and we believe that our combined breadth of skill and depth of expertise will be unrivalled in our marketplace.
“The newly combined business will be primed for growth through the increased scale of our offering, greater market reach and cross-selling opportunities. We will also strengthen our existing alliances with global tech providers with the new business becoming the number one partner for many.”
The deal will see Wavenet’s existing private equity partner Macquarie Capital Principal Finance become the largest shareholder with Matthew Riley and other existing Daisy shareholders retaining a minority stake in the business. This backing provides a strong balance sheet and investment to enable long term growth.
The transaction is subject to customary regulatory approvals.
Wavenet was advised by Travers Smith, with DWF Group advising Daisy Corporate Services.
