“UK’s IT landscape shifts as merger forms largest independent managed services provider”

Nelson-based telecoms group, Daisy, has announced a merger with West Midlands business Wavenet, creating a £500m-turnover group with over 2,000 employees and 22,000 customers. The deal will see Wavenet’s current private equity partner, Macquarie Capital Principal Finance, become the largest shareholder, while Daisy Group chairman, Matthew Riley, and other shareholders will retain a minority stake. Riley will also join the board as a non-executive director. The merger aims to position the new entity as the UK’s largest independent IT managed services provider, focusing on cyber, cloud, and intelligent network solutions. Both companies have experienced growth through acquisitions in recent years, with Wavenet completing six since 2021. Wavenet chairman, Bill Dawson, expressed excitement about the merger, stating that it will create a stronger and more innovative organization. Riley echoed this sentiment, emphasizing the combined expertise and market reach of the two companies. The transaction is pending regulatory approvals. Travers Smith advised Wavenet, while DWF Group advised Daisy Corporate Services.