2. Daisy Corporate Services acquired by to Wavenet
Revenues of acquired company: £217m
Month announced: May
Rationale
Wavenet and Daisy Corporate Services (DCS) claimed their union would create the “UK’s largest independent IT managed services provider”, with revenues of £500m and 2,000 employees.
Daisy was able to clear £355m from its debts by demerging DCS, recently filed accounts for its year to 31 March 2024 indicate (Daisy Chairman Matthew Riley and other Daisy shareholders also retained a minority stake in the enlarged Wavenet business).
DCS turned over £217m during the period.
What happened next?
Having been announced in May, the deal closed in July.
At that time, it was announced that the enlarged business would operate under the Wavenet banner and be led by existing Wavenet CEO Philip Grannum (with Daisy CS Neil Thompson exiting). A new exec line up announced in October is also dominated by former Wavenet leaders.
Macquarie-backed Wavenet will complete its integration of the business by 31 March 2025, CRO Mark Phillips told IT Channel Oxygen in December.
See final page for 2024’s largest deal…
