Wavenet and Daisy Corporate Services have finally come clean on their mega-merger, three days after reports first mooted a deal was in the offing.
The duo claim their union will create the “UK’s largest independent IT managed services provider”, with revenues of £500m and 2,000 employees.
Wavenet ranked 32nd in IT Channel Oxygen’s recent Oxygen 250.
The Macquarie Capital-backed unified comms specialist’s pro-forma revenues hit £200m last April when it acquired rival Adept Technology.
Daisy Corporate Services, meanwhile, generated £208m of Daisy’s £417m total sales in its latest year.
The deal will see Macquarie Capital become the largest shareholder, with Daisy Chairman Matthew Riley and other existing Daisy shareholders retaining a minority stake in the business. Riley will also join the board as a non-executive director.
The enlarged firm claims to support 22,000 UK businesses and public sector organisations.
In a canned statement, Wavenet chairman Bill Dawson said: “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.”
Riley added: “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 was first mooted by Sky News on Tuesday.
