Telefónica Tech joins big league as revenues soar past €1bn

Advanced technologies specialist sees year-to-date revenues leap 71 per cent to €1.02bn

Telefónica Tech joins big league as revenues soar past €1bn

Telefónica Tech has hammered home its status as an emerging channel super-power by registering a 69 per cent annual leap in Q3 revenues.

The acquisitive cybersecurity, cloud, IoT and big data specialist generated revenues of €386m in the three months to 30 September 2022, bringing its year-to-date total to €1.02bn - a 71 per cent jump.

Part of Spanish telecoms giant Telefónica, Telefónica Tech counts the UK as one of four key investment territories alongside Spain, Germany and Brazil. It followed up its €398m 2021 acquisition of Cancom UK&I by snapping up Glasgow-based Microsoft Dynamics Incremental for up to £175m in March, and swapped UK MDs this summer.

In May, Telefónica Tech shelled out up to €350m for European Microsoft Cloud solutions provider BE-terna, handing it a presence across DACH, the Adriatic region and the Nordics.

The revenue surge puts Telefónica Tech in a select group of European IT solutions providers turning over more than €1bn/£1bn annually (see below).

European super-VARs
Infogram

Telefónica Tech, which partners with the likes of HPE, Cisco and AWS, said its growth reflects its efforts to "position itself as a leader in the provision of advanced technological solutions to its customers".

The wider Telefónica business saw revenues rise 11 per cent to €10.3bn.

"Telefónica once again demonstrated the robustness of its business, confirming its financial targets for the full year," said Telefónica CEO José María Álvarez-Pallete.

"Telefónica continues to execute its strategic plan and the strength of the balance sheet allows the company to face the demands of this new digital era while maintaining its firm commitment to create a better, more connected and more equal world," he added.