Nelson-based telecoms group, Daisy, is teaming up with West Midlands business Wavenet to create a £500m-turnover group with over 2,000 employees and more than 22,000 customers. The merger will see Macquarie Capital Principal Finance becoming the largest shareholder, while Matthew Riley and other Daisy shareholders will retain a minority stake in the business. Riley will also join the board as a non-executive director.
The combined entity aims to become the UK’s largest independent IT managed services provider, focusing on cyber, cloud, and intelligent network solutions. Both companies have experienced growth through strategic acquisitions, with Daisy acquiring ECSC in June 2023 and Wavenet completing six acquisitions since 2021.
Wavenet chairman, Bill Dawson, expressed excitement about the partnership, highlighting the potential for innovation in cyber, cloud, and intelligent networks. Riley echoed this sentiment, emphasizing the alignment of values and expertise between the two companies.
The newly formed business is expected to benefit from increased scale, market reach, and collaboration opportunities. Legal advisors Travers Smith and DWF Group supported Wavenet and Daisy Corporate Services, respectively, throughout the transaction process.