Daisy to join with Wavenet to create £500m-revenue IT company

Nelson-based Daisy Corporate Services is set to partner up with Wavenet to become the country's largest independent IT managed services provider.

The new £500m revenue company will employ around 2,000 staff and support more than 22,000 businesses and public sector organisations, delivering cloud, cyber security and connectivity solutions.

Both Wavenet, based in Solihull, and Daisy have expanded significantly over recent years through organic growth and strategic acquisitions. 

Matthew Riley, chairman of Daisy Group, will join the new company as a non-executive director. He said: “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 unrivalled in our marketplace.

“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 Matthew Riley and other existing Daisy shareholders retaining a minority stake in the business. 

Bill Dawson, Wavenet chairman, 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.

“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.”