ALSO achieves €15bn in revenue
Merger with Westcoast made the feat possible
After a record-fast completion following merger clearance, the financials of ALSO and Westcoast will be consolidated starting 1 March 2025, achieving over €15bn (£12.57bn) in revenue.
The distie now claims to be Europe’s largest tech provider, as the newly formed union allows it to take on the UKI distribution market.
The buyout has not only boosted its operations in England, Scotland, Wales, and Ireland, but also in France.
Following the takeover, ALSO has seen an increase in its customer base, as well as in its unique cloud users and monetisation in the UK.
In France, integrated operations had added 40 per cent to ALSO local sales.
The company said it wants to generate strong synergies, enhance operational efficiencies, and accelerate growth in key sectors across the country.
The firms’ integration is being coordinated by a committee made of senior managers and international project teams, and will take place over several years, with individual topics being prioritised based on profitability potential.
The transaction was completed according to a purchase price of Westcoat’s EBITDA multiple of approximately six, with a quarter of the total cost paid in ALSO shares.
In 2024, Westcoast’s EBITDA stood at €73m in EBITDA across the UK, Ireland, and France.
The Berkshire-based business also brings €4.2bn in revenue.
Its shares were acquired at an average price of CHF 172 (£150.65) during the 2022 to 2023 share buyback programme.
The cash portion of the purchase price was reportedly paid entirely from existing reserves, without any external financing.
The merger was first announced in July 2024, to provide the distributors with “a wonderful opportunity to chase [TD SYNNEX] down,” according to Westcoast’s former UK MD Alex Tatham.
It was cleared by the EU commission less than a month ago.
This €15bn revenue achievement comes shortly after ALSO shared its FY24 results, where the company announced it broke the €1bn cloud revenue barrier.
In addition to economic growth, the Swiss distie recently went through a territorial expansion, as it entered the US market in February in an effort to tackle what is still the world’s largest economy.