Brennan IT readies $30 million for acquisitions
- 30 September, 2014 10:59
Brennan IT's Dave Stevens.
Australian managed services provider (MSP), Brennan IT, is prepared to spend $30 million in the coming year as part of an aggressive pursuit for acquisitions and investments within infrastructure.
The company is specifically eyeing managed services, mid-market Cloud, and/or telecommunications as acquisition targets.
The proposed figure could also be increased if the deal is right; it must demonstrate strong contracted revenue, mid-market clients, and either new products, IP, or a geographical footprint expansion proposition.
The move follows the MSP’s most successful financial month in its 17-year history; in September it secured seven new clients, each worth more than $1m.
“Market sentiment is the best it has been in a while and with our strong track record of profit and year-on-year growth, we are in the perfect position to pursue growth opportunities,” Brennan IT founder and managing director, Dave Stevens, said.
“Our last deal was three years ago and we are open to exploring the right opportunity. As a business, our sweet spot continues to be the mid-market; 50 to 1000 seat businesses. We have built a powerful delivery model around servicing this sector to ensure that everything from advice, solutions, product are attuned to this sector’s needs.”
A potential deal must build towards adding to Brennan IT’s offer to this market segment.
“If there is a company out there that thinks it fits the bill, then we would to love to hear from it,” Stevens said.
Brennan IT’s performance of late resulted in two major accolades at the annual Microsoft and HP Partner Awards in September, where it won gongs for the hosting partner and new style of IT categories, respectively.
Brennan IT was formed in 1997. It now employs more than 240 employees in offices in Sydney, Melbourne, Brisbane, and Newcastle.