Summary: UK managed service provider Adept4 released its preliminary results for the year ended September 30, 2017.
Details: Revenues more than doubled from £4.9m to £10.3, with organic growth of 7%, while adjusted EBITDA climbed 66% to £1.5m. Revenues from Recurring Services, which include hosted Microsoft Azure and Office 365 solutions, grew 128% y/y in FY17 and 9% on a like-for-like basis, to £7.3m, accounting for 71% of total revenues (FY16: 65%). Adept4 is a Microsoft cloud partner and has grown its Microsoft revenues by 168% and its Microsoft customers by over 300%. It plans to improve its Microsoft accreditations, build vertical managed service solutions, and expand its service portfolio, particularly in IT security.
About: Adept4 was created in its current form in May 2016 when Pinnacle Technology Group acquired Warrington-based cloud MSP adept4 and took on the name. Earlier that year, Pinnacle had acquired two providers of IT support services based in Leeds, Ancar-B and Weston Communications. It also disposed of various businesses. Adept4 has 100 employees across its Warrington HQ and offices in Aberdeen, Brighton and Leeds. It serves the SME market and provides services on a PAYG model. A good snapshot of how MSPs that do a lot of on-premise and remote managed services are crossing over and using third party cloud to augment and fill out their portfolios.
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