CloudCoCo aiming for £100m revenues25 Apr 2023 21:36
The managed service player has ambitions for dynamic growth over the next few years
CloudCoCo has seen its acquisition strategy deliver growth and is far from finished when it comes to expanding the bottom line.
The managed service player hit the headlines earlier this month when it shared numbers for the year to 30 September 2022, which included a 198% increase in revenues from £8.1m to £24.2m. Managed services accounted for 70% of revenues, with 95% of that relating to recurring contracted services.
The firm sealed four acquisitions during its last fiscal year, including IDE Group Connect and Nimoveri, with all of those contributing to its growth and supporting the firm’s decision to focus on four main areas: connectivity, multicloud, collaboration and cyber security.
There are ambitions to keep revenue growing, which could well include more M&A activity in 2023, according to Mark Halpin, CEO of CloudCoCo.
“When I started CloudCoCo in April 2018, the premise around it was to provide something that was asset-light, and listening to customers and bringing together the right partners and the right technology to fit the clients’ requirements,” he recalled.
“I felt that there was a missing piece in the industry from a lot of what are now competitors, where finding the answer with clients or prospects always tended to be on the assets they’d spent loads of money investing in. Our model was asset-light, listening and answering solutions with our ecosystem,” he added.
Five years on from its launch, the firm now has a platform serving more than 1,000 clients and turning over £25m.
“We’ve built a platform that’s got huge potential within it. We’ve really got the ambition to drive forward to the £100m turnover that I’ve stated in the results,” he said, adding that increasing profitability was also crucial and that would also increase over the next few years.
Halpin has a three-pronged strategy to deliver growth over the next few years, relying on its scale, maturity and customer acquisition.
“We’ll continue with our new business expertise, being agile and responsive. Our competition with some of those methodologies has proven very successful for us. We’ve built this base-level platform and we’ll be able to compete on larger deals with a bigger train set that we’ve acquired with the acquisitions in terms of capability,” he said.
“Part of closing that £8.4m gap will be to organically sell, not only to acquire new customers, but to sell the greater train set into more of our 1,000 customers,” he added.
Sign In
Follow the stocks
