Daisy and Wavenet merge to form £500M IT powerhouse

Daisy Corporate Services, based in Nelson, is set to merge with Solihull’s Wavenet, aiming to establish the largest independent IT managed services provider in the country.

The newly formed entity will boast a revenue of £500 million, employ approximately 2,000 staff, and provide support to over 22,000 businesses and public sector organizations, offering services in cloud computing, cyber security, and connectivity.

Both companies have seen significant growth over the years, both organically and through strategic acquisitions. Matthew Riley, chairman of Daisy Group, will serve as a non-executive director in the new company. He shared, “Daisy and Wavenet are a great fit, not just in terms of our current operations but our future aspirations and our culture. People are a top priority for both businesses, and we believe that our combined breadth of skill and depth of expertise will be unrivaled in our marketplace.”

He further elaborated on the merger’s potential: “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 transaction will result in Wavenet’s current private equity partner, Macquarie Capital Principal Finance, becoming the largest shareholder. Meanwhile, Matthew Riley along with other existing Daisy shareholders will maintain a minority stake.

Bill Dawson, Wavenet’s chairman, expressed his enthusiasm about the merger: “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.”

“Daisy is a well-known and well-respected business, and both parties bring unique but complementary strengths to the table. Our shared vision is to create a best-in-class business that will help shape the future of next-generation technology.”