Houlihan Lokey Advises Wavenet

Houlihan Lokey is pleased to announce that Wavenet, a portfolio company of Macquarie Capital Principal Finance (Macquarie Capital), has agreed to combine with Daisy Corporate Services (Daisy).

Formed in 2000, Wavenet has grown to become a respected, multi-award-winning provider of telecoms, cybersecurity, IT, and technology solutions to thousands of businesses and organisations across the U.K.

Daisy was founded by current Chairman Matthew Riley in 2001. Over the past two decades, it has grown to be one of the largest providers of communications and IT solutions across the U.K., with a portfolio spanning modern workplace, connectivity, unified communications, cloud, cybersecurity and operational resilience.

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.

Wavenet and Daisy Corporate Services have announced the decision to combine, creating the U.K.’s largest independent IT Managed Services Provider. The new company will be a market leader in business-critical cyber, cloud, and connectivity solutions to U.K. businesses and public sector organisations.

It will also have a significant presence in a number of industry verticals, including professional services, retail and hospitality, education, local and central governments and healthcare, and will boast increased buying capability and unrivalled alliances with global tech providers, including Microsoft, Fortinet, RingCentral and 8x8.

This latest deal will see the combined business generate a turnover of c. £500 million, employ approximately 2,000 staff and support more than 22,000 customers. Daisy Chairman Matt Riley will join the Board as a Non-Executive Director.

Houlihan Lokey served as financial advisor to Wavenet.