Wavenet and Daisy Corporate Services will join forces to create a £500m revenue IT MSP, supporting over 22,000 businesses and employing around employs around 2,000 staff.
Daisy Chairman Matthew Riley will join the Board as a non-executive Director.
Both Wavenet and Daisy have expanded over recent years. In June 2023, Daisy acquired ECSC. Wavenet has completed six acquisitions since 2021 and built its IT services, cyber and communications capability.
Wavenet chairman Bill Dawson (pictured) comments: “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.
Riley added: “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 deal will see Wavenet’s existing private equity partner Macquarie Capital Principal Finance become the largest shareholder with Riley and other existing Daisy shareholders retaining a minority stake in the business.