Exclusive Networks’ CEO says the cybersecurity VAD enjoyed a “strong” first half of 2024, despite “continued soft market conditions”.
The Paris-based Fortinet and Palo Alto Networks distributor, which recently received a take-private approach, saw gross sales growth reaccelerate to 14% in Q2 thanks partly to a big Australasian acquisition.
Looking at its wider first half, gross sales came in at €2.56bn, a 10% year on year hike.
“I am pleased to announce that we had a strong first half of the year, amidst continued soft market conditions. Gross sales growth accelerated steadily over the first half, positioning the business well for second half of 2024,” CEO Jesper Trolle said.
Having only floated on the Paris Euronext in 2021, Exclusive looks set to move back into private ownership after receiving a binding go-private offer from an investor group.
The distributor stressed it will no longer be holding a conference call on the results on 1 August, as originally planned.
Growth rebound
Exclusive’s gross sales growth accelerated from 6% in Q1 to 14% in Q2.
Some 6.6% of the Q2 growth was driven by March acquisition NextGen, an Australia-based VAD that turned over €160m.
Organic growth in Q2 stood at 7.0%, 5.3% of which was driven by business with existing vendors in their current geographies, 1.2% from existing vendors entering new territories and 0.5% from new vendor relationships.
EMEA gross sales grew 8% during Q2 to €969m, with the Americas up 9% to €173m. APAC’s top line sky-rocketed 75% to €166m, meanwhile.
Analyst Canalys is expecting cybersecurity growth rates to pick up again in H2.
It forecasts that the global cybersecurity technology market will grow 10% in 2024, down slightly on the 11% growth recorded in 2023.
