New Proact CEO eyeing UK acquisition
New CEO Jonas Hasselberg tells CRN why the UK is a priority spot for expansion
Proact is plotting a UK acquisition as it ramps up its M&A plans, new CEO Jonas Hasselberg has told CRN.
The Sweden-based storage integrator raised its financial outlook towards the end of last year, aiming to hit 10 per cent year-on-year revenue growth for its next three financial years.
Recently published full-year results for 2018 report that overall group revenue grew two per cent to £279.6m.
Hasselberg (pictured) said that Proact's strategy to hit the golden 10 per cent growth target comprises two parts.
"We think we have a strong position with our current offering and will have organic growth in the existing core business," he explained.
"The other half of the strategy involves accelerating our acquisition agenda and adding companies to the group."
Though he was coy on the specifics of any acquisitions, Hesselberg said that Proact is currently "executing" on its acquisitive strategy.
"In the next three years we need to make quite a few acquisitions but I don't know what the number will be," he said.
"A significant portion of the revenue growth will come from acquisitions, so it will be more than one."
Hesselberg started in his role in September, taking over from interim CEO Peter Javestad who filled in after former chief exec Jason Clark stepped down early in 2018.
Proact ranked 72 in CRN's Top VARs 2018, and Hesselberg stated that he is gunning for market share in the UK through inorganic growth.
"Proact UK is a big business unit for us. It has always been very much at the forefront of our service efforts, particularly in the cloud services offerings," he said.
"We are looking at markets where we don't feel we have our fair share, the UK being one of them.
"We have been successful in the UK for a number of years, but it is a big market and we want to have a bigger presence in it."
As part of its financial targets, Proact also aims to consistently hit eight per cent EBITA margin, and its 2018 results indicate that it is on course to meet that goal, which increased seven per cent to £15.8m.