Microsoft partner Core is about to kick start an M&A spree which will see it fill a gap in the managed services market, according to CEO Conor Callanan.
Speaking to CRN Callanan (pictured) said the MSP is looking to complete between one and three acquisitions by the middle of next year.
"There are very few companies in the £10m-£20m turnover range in the MSP world," he said.
"They're either above £20m or below £10m; that is where there is a gap and that is what we're trying to fill.
"Customers like that kind of size because if they're £1m, they're a substantial customer. They contributing [a lot] to your revenue so they can have quite a lot of influence."
Callanan added that the pandemic has accelerated Core's M&A strategy, explaining that more of the firm's growth will likely come from acquisitions than initially expected, with organic growth expected to be slower as industries slowly return to normal.
The chief exec said that he measures Core's performance predominantly by EBITDA - with a target to be between £1.5m and £2m by 2023.
In terms of revenue, Callanan expects the firm to hit between £7.5m and £8m in its current year of trading.
He said that he's in discussions with six companies regarding takeovers, although nothing has been agreed yet.
Any acquisitions will be funded by Core itself, rather than through any private equity backing.
A key focus is to expand geographically around the UK and Ireland.
Callanan also said that he expects Core's workforce to stay predominately remote, revealing that the firm will not be renewing the lease on its 72-desk office, which ends this month.
Instead it will move to a 12-seat Mindspace office, which operates in a similar fashion to WeWork.
"We're not actively encouraging people back to the office," he said.
"Everything seems to be working great for us, productivity is good and people are getting more time back. I can't see us doing any kind of massive swing back to the office at all.
"There are some people, perhaps in shared households, that do want to get away for a day, but I don't see it returning to three or four days in the office."
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