Brennan IT guns for growth amid 20-year milestone
- 27 July, 2017 10:58
Brennan IT is gearing up to hit new heights after breaking through the $100 million revenue mark in its 20th year of operation.
The company flagged that it is gearing up for strong growth, with aggressive targets to increase the size of the business over the next few years.
To reach these growth targets, the technology provider said it is focusing on optimising and future-proofing its own IT infrastructure, as well as developing the services and solutions portfolio in line with the customer needs.
These lofty goals are driven, in part, by the company’s ongoing efforts to put its customers front and centre, according to Brennan IT CEO, Stephen Sims.
“The experience our clients have when dealing with Brennan IT is our number one focus,” Sims said. “This is what we are passionate about, as a managed services provider, we distinguish ourselves by our high level of service.”
The $100 million milestone comes as the company celebrates 20 since its humble beginnings in a loft in the Sydney suburb of Balmain.
“Brennan IT was built to service the Australian mid-market,” Brennan IT founder and non-executive chair, Dave Stevens, said. “At the time we started the company, medium-sized businesses were really underserviced in IT, it was difficult for them to access high quality technology, knowledge and services.
“We identified a gap in the market, to provide enterprise grade solutions at affordable rates,” he said.
Earlier this year, at the ARN Judges’ Lunch 2017 event in Sydney, Stevens – who now heads up the company’s mergers and acquisitions activities – said that, although organic growth remains an imperative and a sign of a great business, it’s important to use resources like cash or credit to add growth via “appropriately priced yet quality acquisitions”.
“Doing both well is important for any great business,” he said.
On this front, Brennan IT has done quite well. In 2014, the company revealed a $30M “war chest” to aggressively pursue acquisitions and investment within infrastructure over the subsequent year.
The mergers and acquisitions approach to growth didn’t stop there. In February, Brennan IT raised its stakes in cloud and connectivity business, Fastrack Technology, securing 50 per cent of the business in a move designed to establish a “symbiotic relationship”.
But not everything has gone smoothly, according to Stevens.
“We’ve completed a few acquisitions and it’s just inevitable that you will have good ones and not so good ones,” he said. “If you end up with a bad one then you need to decide if you stick with it or if you cut your losses and move on.
“If you’re moving on then do it quickly and get on with your core business,” he said.
Regardless, the company appears to be going from strength to strength, currently claiming a team of over 400 employees and services more than 1,000 customers across various industries.