1. Wavenet and Daisy Corporate Services merge
When: Deal announced in May
Magnitude
Daisy Corporate Services generated £208m of Daisy’s £417m total sales in its fiscal 2023. Wavenet is around the same size (it claimed its revenue runrate hit £200m when it acquired Adept last April).
Rationale
The duo claim their union (which is so fresh it’s still going through regulatory approval) will create the “UK’s largest independent IT managed services provider”, with revenues of £500m and 2,000 employees.
Talking to IT Channel Oxygen following the deal, Giacom COO Nathan Marke billed Daisy Corporate Services as a “very capable and competent MSP for the mid corporate market”.
“Wavenet for me is doing a very similar thing, but in a slightly smaller customer base. So the fit could be really good – it’s delivering a full-stack MSP, and that’s really exciting,” he added.
The deal was immediately seized upon as evidence that M&A activity is “back on” after a dry 18 months, meanwhile.
What the CEO 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,” Wavenet Chairman Bill Dawson.
Fun fact
The deal was inked at 3.30am, Daisy Corporate Services’ CEO Neil Thompson revealed in a LinkedIn post. Let’s hope they got a lie in the next day.
