Acquisitive MSP Zenzero’s latest annual accounts show it has made at least eight acquisitions since the start of its fiscal 2024.
The Coventry-based outfit leapt into the Oxygen 250 2025 as M&A activity helped propel fiscal 2023 revenues 73% to £17.2m.
But freshly filed accounts for its year to 31 March 2024 show Zenzero – which tends not to publicly announce acquisitions – has continued with its shopping spree.
During the period, it successfully completed equity and debt fundraises, with Macquarie Group replacing Fordhouse as its majority owner and Apera providing “significant” committed debt facilities.
Zenzero’s spate of eight
According to the accounts, Zenzero gobbled five peers in its shortened, six-month fiscal 2024 in the shape of Mtech, NetTech Solutions, Breachology, Bridge Partners and Resolution IT.
These acquisitions have “materially enhanced both our size and capabilities”, said Zenzero, which recently became a certified B Corp.
Zenzero revealed it acquired a further three peers in October, but it was cagey about their identity, referring to them only as ‘Business A’, ‘Business B’ and ‘Business C’.
For a total consideration of £43.2m, Business C (an MSP based in Southern England) was the largest of the three deals. Businesses A and B were MSPs based in the Midlands and Scotland, for a respective total consideration of £8.7m and £3.2m.
From zero to hero
Zenzero generated reported revenues of £18.7m in a 192-period ending 31 March 2024, accounts for its new holding company set up at the point Macquarie invested indicate.
That figure does not show the full impact of the four acquisitions made during that period.
Zenzero recently claimed it has grown from 50 to 550 staff since current CEO, Michael Bateman, joined in 2021.
“We know that we are one of the fastest growing tech businesses in the UK, but our recent B Corp certification is part of our commitment to doing things differently,” Bateman reportedly said.
“It’s a high standard and a long process from start to finish – taking us more than two years. But being able to achieve that while growing at pace was a healthy tension and a challenge we rose to.”
