The UK’s Fastest-Growing Companies in Managed IT Services
Our team rank the UK’s top 10 IT managed service providers, by growth in headcount.
The IT industry has long struggled with a skills shortage, with a UK Government report revealing that 50% of all UK companies have a gap in basic cyber security skills. The result of this is a competitive hiring landscape and IT professionals commanding salaries that many businesses simply cannot afford.
But as the recent Crowdstrike incident, which affected millions worldwide, demonstrated — companies also cannot afford not to have a functional IT and incident response team.
This gap between urgent need and prohibitive expense is where the managed IT services industry comes in. For a monthly retainer, MSPs deliver an all-inclusive or a la carte approach to IT provisions, enabling companies from startups to large corporate multinationals to flexibly select the level of support their company requires.
From IT strategy and procurement through to cyber security solutions such as network security (firewalls) and endpoint security (antivirus software), MSPs work with businesses of varying size, facilitating their IT infrastructure without the need for an on-site team.
Tech in the UK 2023—Innovation Nation
In collaboration with Barclays Eagle Labs, we delve into the UK’s tech ecosystem, offering an in-depth analysis of its growth patterns and opportunities.
Overview of the UK managed IT services market
In 2024, the managed IT services industry has so far amassed a total annual revenue of £52.6b in the UK according to research from the Department for Science, Innovation & Technology (DSIT).
As of August 2024, there are 2,616 active companies in the managed IT services industry, 2.18% of which have seen their headcount grow by 50% or more, based on their latest financial statement.
Historically, the growth curve has been steady, as IT consultants saw opportunities to set up their own startup consultancies. And in the seven years since the high-profile WannaCry Ransomware attack in 2017, the number of companies operating in the managed IT services space has grown by 29%.
However, it’s the large MSPs that thrive, with the top 4% of managed IT services companies hoovering up 74% of the total sector revenue. This is mainly down to their ability to scale with fast-growing companies and keep up with their desired level of support.
Regionally, the top three fastest-growing regions include London (35%), the South East (18%), and Scotland (8.8%).
Ranking the UK’s fastest-growing managed IT services
In this article, we’re looking specifically at the fastest-growing companies operating in the managed IT services industry.
To determine growth, we’re including companies that have seen a 50% (or greater) growth in headcount between their latest two financial statements.
Finally, only MSPs with 10 or more employees are included. This is to filter out the one-man bands and to ensure that company growth is truly representative. A 500% growth rate might sound impressive, but if it’s from one person to six, that’s less reflective of growth than a company that increases headcount from 10 to 50, or 100 to 500.
Methodology
We used Beauhurst’s Advanced Search tool to find the UK’s fastest growing IT services companies. To be included, a company must meet the following criteria:
- Operate in the Technology consultancy and IT and telecommunications support industry
- Be ‘Active’ on Companies House
- Be headquartered in the United Kingdom
- Include any of the following phrases in their business description in previous filings: MSP, Managed services, Managed IT, MSSP, IT support, Endpoint, Network, and Managed service provider
The UK’s fastest-growing companies in managed IT services
Now we come to the fastest-growing IT managed service providers, sorted in ascending order by growth in headcount according to their latest financial statements.
10.
Bridewell Consulting
Established: 2017
Location: South East
Headcount increase: 74.2%
Bridewell Consulting enters our top 10 following a busy start to 2024, featuring in three high growth lists and acquiring Arculus Cyber Security. A managed security service provider (MSSP), Bridewell also carries out penetration tests, data privacy and protection services, as well as technology risk assessments.
On top of their commercial successes, Bridewell has overseen a 74.2% increase in company headcount, from 97 to 169 employees as of their latest financial statement.
09.
Air IT
Established: 2005
Location: East Midlands
Headcount increase: 76.8%
Air IT is a traditional managed service provider, delivering managed IT support, consultancy, cyber security, and more. Acquired in 2020 by August Equity, Air IT has made four acquisitions of other IT support companies since then.
One of the two East Midlands companies on our list, Air IT has seen its headcount increase by 76.8% since its previous financial statement.
08.
Espria
Established: 2018
Location: East of England
Headcount increase: 77.1%
Espria is a managed service provider and digital transformation specialist, with an expertise in cloud computing. The company acquired eacs, a Cambridge-based managed service provider, in 2022.
Working across a range of sectors, including legal, retail, healthcare, and the public sector, Espria has seen a headcount increase of 77.1% between its two most recent financial statements.
07.
BSL IT
Established: 2016
Location: East Midlands
Headcount increase: 82.6%
BSL IT is a managed IT support and consultancy business based in Northamptonshire. In addition to managed IT services, BSL IT uses its strong relationships with vendors to supply customers with hardware, software, and office supplies.
Featured on the Tussell Tech 200 high-growth list in January 2024, the company has seen a 82.6% headcount since its previous financial statement.
06.
Snowden Consulting
Established: 2012
Location: East of England
Headcount increase: 83.3%
Snowden Consulting is a consultancy with specific expertise in Microsoft Dynamics 365 — a suite of enterprise resource planning (ERP) and customer relationship management (CRM) applications.
In addition to providing consultancy, Snowden Consulting delivers a Microsoft-certified managed service for MSD365 customers. Formed in 2012, the business experienced a boom in hiring between 2020 and 2023, and as of their two most recent comparable statements, Snowden’s headcount has increased by 83.3%.
05.
Cwsi (UK)
Established: 2012
Location: South East
Headcount increase: 100%
Cwsi (UK) is a cybersecurity consulting firm established to assist businesses in strengthening their cybersecurity frameworks.
With a broad service offering — including a managed IT support and unified endpoint management (UEM) — CWSI is one of the 300 members of Microsoft Intelligent Security Association (MISA). The company also featured in Deloitte’s EMEA Fast 500 and has seen a doubling in headcount over the past year.
04.
Ans Group
Established: 1996
Location: North West
Headcount increase: 100.3%
ANS Group is a digital transformation specialist that helps companies develop their IT strategy and build their tech stack, and then manages it for customers via a managed IT service contract.
Established in 1996, ANS is the longest running company on our list and has more than doubled its headcount from 300 to 601 — an increase of 100.3%.
03.
Babble Cloud
Established: 2001
Location: London
Headcount increase: 102.6%
Babble provides a range of technology services, including cloud solutions, IT support, cyber security, and communications and connectivity solutions. The company also offers comprehensive managed IT services, including cybersecurity and disaster recovery solutions.
With a 102.6% increase in headcount and an increase in turnover from £38.7m to £50m, Babble has experienced significant growth in recent years.
02.
Quorum Cyber Security
Established: 2015
Location: East of Scotland
Headcount increase: 119.2%
Edinburgh-based Quorum Cyber Security is a cyber security-focused managed service provider, delivering MDR (managed detection and response), emergency incident response, and wider security assessments.
With an equity fundraising in June 2024 by US-based private equity firm Charlesbank, and a headcount increase of 119.2%, Quorum Cyber is our second-fastest growing UK provider of managed IT services.
01.
Nordcloud
Established: 2014
Location: London
Headcount increase: 205%
Nordcloud is a cloud consulting and managed services provider that specialises in helping businesses migrate to and optimise their operations in the cloud. With a 205% increase in headcount from 40 to 122 employees, the business — which was acquired by IBM in 2021 — is our fastest growing managed IT services provider.
And as one of the few consultancies with a triple certification of AWS Premier Consulting Partner, Microsoft Gold Partner, and Google Cloud Premier Partner, Nordcloud Limited is recognised for its expertise across multiple cloud platforms.
See the data for yourself
How our clients use Beauhurst to find MSPs
Advisory services for MSP funding, mergers, and acquisitions:
Beauhurst provides detailed information on high-growth MSPs, including their financials, funding rounds, and key executives.
Corporate finance advisors can use this data to offer strategic advice to MSPs looking to secure funding, engage in mergers, or be acquired.
The platform allows advisors to identify potential investors or acquirers and track the activity of competitors, facilitating well-informed decisions.
Sourcing new deal opportunities:
With Beauhurst, corporate finance advisors can quickly identify MSPs that are in need of capital or are seeking strategic partnerships.
The platform’s advanced search capabilities enable users to filter companies by criteria such as industry, location, growth stage, financial health, and recent funding activities, making it easier to source high-potential deal opportunities.
Evaluating growth and scalability of MSPs:
Beauhurst tracks key growth indicators such as revenue increases, employee count, and market expansion efforts.
PE and VC firms can use this data to assess the growth potential and scalability of MSPs before making investment decisions. This ensures that investments are made in MSPs that are well-positioned for future success.
Insights on market trends and competitive landscape:
Beauhurst offers up-to-date insights on market trends within the managed IT services sector, including emerging technologies and shifts in demand.
PE and VC firms can use this information to understand the competitive landscape, identify industry leaders, and anticipate market movements. This strategic insight helps in making informed investment choices and in guiding portfolio companies.
Identifying investment opportunities:
Our platform is designed to help investors pinpoint high-potential companies that are likely to generate strong returns.
PE and VC firms can use its search and filtering tools to identify MSPs that fit specific investment criteria, such as those with strong growth trajectories, innovative technologies, or underserved markets.
This enables investors to capitalise on early-stage opportunities in the MSP sector.
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