Wavenet announces CEO for newly combined business

Wavenet has announced that its existing CEO Philip Grannum will lead the combined business of Wavenet and Daisy Corporate Services following regulatory approval and completion of the deal this week. It has also been confirmed that the new company, which will be the UK’s largest independent IT managed services and security provider, will operate under the Wavenet brand.

Wavenet will be a clear market leader with scale, focusing on delivering cyber, cloud and intelligent network solutions to UK businesses and the public sector. Its focus will be on customer service excellence, end-to-end solutions and being an expert and trusted partner.

Wavenet has expanded significantly over recent years through organic growth and strategic acquisitions thereby significantly building its IT services, cyber and next generation communications capability.

Daisy CEO Neil Thompson will be leaving the business, and the board and shareholders expressed their thanks for the successful leadership, achievements and growth delivered over the last three years, as well as his positive contribution to making the deal happen. 

This latest deal with Daisy Corporate Services will employ around 2,000 staff and support over 22,000 customers. Daisy Chairman, Matthew Riley will join the new board as non-executive director, with Wavenet Chairman Bill Dawson staying on in his current role. 

Wavenet will now have an enhanced client portfolio, including public sector bodies including Manchester City Council, the NHS and DVLA. In the retail sector, customers include household names such as AS Watson, Specsavers and John Lewis, while leisure and hospitality clients include Greene King, Marston’s and The FA.

CEO Philip Grannum comments:

“I am delighted to be at the helm of the newly-combined business as we enter an exciting new chapter for our people, customers, partners and shareholders. The completion of the deal to combine Wavenet and Daisy Corporate Services marks a significant step forward in creating the UK’s largest independent IT managed services and security provider. 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 communications. 

Although both the Wavenet and Daisy names are extremely strong in our market, we can confirm that the new business will operate as Wavenet.  This will bring our businesses together under one unified brand and ensure a clear distinction between other parts of the Daisy Group, which were not part of this deal.”

Philip Grannum, CEO of Wavenet

He continued:

“The coming weeks and months will see a collaborative and transparent integration process to bring together our operations, systems and processes. Our focus will be on ensuring a smooth transition for our people, customers and partners.”

Philip Grannum, CEO of Wavenet

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. This backing provides a strong balance sheet and investment to enable long term growth. 

The transaction is subject to customary regulatory approvals. 

Wavenet was advised by Travers Smith, with DWF Group advising Daisy Corporate Services.

For further information visit www.wavenet.co.uk or www.daisyuk.tech.

About Wavenet

Formed in 2000, Wavenet has grown to become a respected, multi-award-winning provider of telecoms, cybersecurity, IT & technology solutions to thousands of businesses and organisations across the UK. Its vision is to be the most respected provider of cyber security, cloud and technology solutions to UK customers by investing in the right technologies, partners and people, and maintaining strong and dependable growth.
Wavenet is a managed service provider and has long-standing partnerships with top global technology providers including Microsoft, BT, Gamma, Extreme Networks, 8x8, Five9, Darktrace, Cato, Gigamon and more. 
Wavenet has offices in Solihull, London, Manchester, Cambridge, Norwich, Cardiff, Nottingham, Doncaster and Dorking and employs 900 people, including over 450 trained support staff and engineers. For more information, visit: www.wavenet.co.uk.

About Daisy Corporate Services

As a trusted partner for end-to-end IT solutions, Daisy is passionate about making technology work for its customers. With a portfolio spanning Unified Communications, Cyber Security, Cloud, Connectivity, Modern Workplace and Operational Resilience, Daisy delivers enterprise-class IT solutions and managed services to more than 2,000 UK mid-market and public sector organisations. 

As part of the wider Daisy Group established in 2001, Daisy Corporate Services is committed to keeping data safe, employees productive, and infrastructure operational for all its customers. For more information on Daisy’s solutions and services, as well as its commitment to people, the planet and partnerships.

About Macquarie Capital Principal Finance

Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. It encompasses corporate advisory, a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie’s balance sheet. Macquarie Capital has deep sector expertise in the aerospace, defence and government services, consumer, gaming and leisure, critical minerals, energy, financial institutions, healthcare, industrials, infrastructure, services, software, technology, telecommunications and media sectors.

Macquarie Capital Principal Finance, the financing and principal investing arm of Macquarie Capital makes investments from Macquarie’s balance sheet, provides flexible primary financing and secondary market investing solutions for corporate and commercial real estate clients across North America, Europe and Australasia.