Air IT resumes M&A spree with double swoop

Nottingham-based MSP buys Silverbug and Scoria - its ninth and tenth deals under August Equity

Air IT has resumed its acquisition spree, swooping on two MSPs in quick succession.

In what are the first acquisitions it has made since September 2021 - and the first under new CEO James Steventon - the private equity-backed MSP has purchased Silverbug and Scoria.

The duo mark Air IT's ninth and tenth acquisitions since August Equity invested in the Nottingham-based firm in 2020.

The double swoop propels SME-focused Air IT's headcount to 400 and client base to 2,200.

Turning over £8.2m in its most recently filed annual accounts, Silverbug is based in Milton Keynes. Scoria, meanwhile, has its HQ in London.

"I'm delighted to welcome the Silverbug and Scoria teams to Air IT," Steventon said.

"We invested in Air IT to support their mission to become the largest IT service partner of choice for UK SMEs," said Mehul Patel, partner, August Equity. "Silverbug and Scoria are the ninth and tenth acquisitions as we continue to scale and augment the Air IT business."

Air IT virtually trebled revenues to £29.7m in calendar 2021, accounts for its holding company show. It is forecasting a 2022 haul of £39m.