A Cardiff-based MSP has just closed its ninth acquisition since its inception 18 months ago, and claims to have two more lined up.
Flotek has acquired local peer Ikona IT Solutions, an IT and telecoms specialist also based in the Welsh capital.
It marks its sixth deal in 2023 and ninth since it was founded in in April 2022 by CEO Jay Ball, MD Malcolm Holland and FD Dave Middleton.
As it was not on our radar, Flotek did not make IT Channel Oxygen’s recent rundown of the UK’s most acquisitive MSPs in 2023.
It targets firms with turnover of between £350,000 and £2m, making its sweet spot smaller than most of those featured in that article.
Flotek’s flurry of deals comes despite a slowdown in channel M&A activity in 2023. High interest rates have caused some VARs to delay coming to market, Advania’s UK CEO Geoff Kneen told us this week, while overall global channel M&A activity is set to be 40% down this year.
Not done yet
Flotek claims to be working on two additional deals to be announced before 2024 arrives.
Its M&A rampage means it now has offices in Cardiff, Swansea, Plymouth, Basingstoke and Chester.
Previous acquisitions include Gower Business Systems, Cloud9ine, Liberty Solutions, Saecom, Mazing Tree, FlexiNet, ECS Solutions and Toolk-IT.
Flotek billed Ikona as “one of the longest-serving IT support business in Cardiff”.
“Ikona is an IT company with a wealth of experience in providing businesses with a truly varied range of IT and communication needs, all with a stellar reputation for customer service,” Ball said.
Ikona Director Spiro Ginis added: “Knowing Jay and his plans for the future, I believe this acquisition will only strengthen the business and allow us to continue to provide Ikona clients with the high-quality, end-to-end IT support that they know, alongside enhanced cyber security and engineering resource options. We are excited to be part of Flotek’s impressive journey.”