2023 saw trade buyers regain their status as the main consolidators of the UK IT channel.
Following a period of domination by private equity, trade has wrested back the initiative during a 12-month period characterised by slowing M&A deal levels in general (some 7 of the 10 featured below were completed in the first half).
Having counted down the top PE-backed MSP acquisition of 2023, here IT Channel Oxygen recaps on the biggest trade acquisitions of UK IT solutions providers that reached our newsdesk over the last 12 months (in ascending order, based on revenues of acquired company).
Deal size: LSE-listed Gamma agreed to pay £15m to land the deal, plus up to a further £5m based on earn-out targets until the end of 2025 (according to its interim results statement).
IBM, Tenable and Microsoft partner Satisnet has 48 staff and turned over £11.6m in its most recently filed annual accounts (fiscal 2021).
How it started:
Comms provider Gamma acquired Satisnet after recognising that cybersecurity had become “increasingly important for our customers, many of who have asked us whether we are able to support them in this area,” CEO Andrew Belshaw said.
“Following an extensive search to find the right partner, I am pleased to be able to welcome John McCann and the Satisnet team to Gamma,” he added.
What happened next:
Satisnet has enabled Gamma to provide its customers with a managed security service including managed firewalls, a 24×7 managed SOC and incident response, Belshaw claimed.
“We have already secured a managed security solution for Reed (a current customer) and we have a number of opportunities from our existing customer base who have asked us to provide the services which Satisnet can offer,” he added in Gamma’s half-year report.
There were 9 bigger trade acquisitions this year. See next page for more…