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Thursday 16 March 2023

CloudCoCo boosted by acquisitions

cccFull year results for the year to end September 2022 show CloudCoCo grew its revenue line by 198% (to £24.2m) - thanks in large part to acquisitions.

The firm is a Managed Services Provider (MSP) and Value Added Reseller (VAR), with resale accounting for 29.5% of total revenue. The firm improved Trading Group EBITDA by 129% to £1.6m during the period.

CloudCoCo’s longer-term objective is to become “one of the larger” MSPs in the UK, with revenues of over £100m. It aims to do this through both inorganic and organic means.

Over the past 18 months, CloudCoCo has acquired four businesses, which have led to a significant change in the company’s capabilities. For example, the IDE Group Connect business acquired from IDE Group in 2021, which CloudCoCo describes as a “significant milestone”.

The addition of data centre locations, private managed core dark fibre network services, and e-commerce capabilities are helping to open-up new commercial opportunities. The firm also launched Project IGNITE in the second half of the year to help boost the pipeline.

We expect to see more of the same in the current year in terms of both selected acquisitions and a drive on the organic growth front. The firm says it is “confident in our ability to deliver improved revenues and profitability in FY23”.

Posted by: Kate Hanaghan at 09:30

Tags: results   VAR  

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