Acquisitive newcomer CloudClevr on the hunt for further M&A after Bamboo buy

The deal brings the young MSP additional capabilities, people and geographic reach, CEO Steve Harris tells CRN

Rigby Technology Investments-backed CloudClevr has snapped up Cheltenham-based MSP Bamboo Technology Group, for an undisclosed amount.

CloudClevr disclosed to CRN the buyout brings company run rate revenues in excess of £25m and £3m EBITDA.

The deal is hot on the heels of its buy of Yorkshire-based SMB communications business NGC Networks in June, and London contact centre communications MSP 4Sight Communications in September 2023.

The Warwickshire-HQ group claims the strategic investments will help CloudClevr emerge as a next generation managed services provider focused on delivering converged cloud, IT, and communications services.

The addition of Microsoft Gold partner Bamboo allows the CloudClevr group to grow its footprint in the west of England and brings complementary communications and IT capabilities.

"First and foremost, our priority is on getting to know the Bamboo team better and spending time getting to know customers," CloudClevr CEO Steve Harris told CRN.

"We have already identified areas where we can help Bamboo go faster and where we can start to offer Bamboo services through our other group companies.

"We will continue to look for areas we can invest in our operating companies to drive the growth and ambition that we have for CloudClevr over the coming period."

Bamboo itself is no stranger to the M&A process, having bought out MSP TechTeam Limited in 2021.

The Apple, HPE and Cisco partner had transitioned over the years from being a telecoms services provider only to becoming an MSP.

Harris has assumed the role of CEO of Bamboo Technology Group with immediate effect.

The Bamboo Technology brand will be around for a while with Harris explaining: "There's high equity in the Bamboo name and brand.

"Whilst we have no immediate plans for change, it's something we look at regularly and will make the right decisions at the right time as fits with the strategy and direction of the group and what's best for our people and customers."

Lorrin White, current board director and former CEO, and Stuart Davis, founder and CEO of Bamboo, will be staying on in an advisory capacity.

Founded in 2022, CloudClevr is a new venture, with majority investment coming from Rigby Technology Investments which has made past investments in channel companies FluidOne, Nuvias and Infinigate.

It provides solutions in unified comms, IT security and services, customer contact, connectivity and mobility aimed at supporting UK small and medium-sized businesses.

Overall, the deal makes "excellent strategic sense" for both companies, according to Harris.

"[It provides] CloudClevr with increased customer footprint, accessing complementary (and an upweight in) product and service capabilities, bringing in additional people with expertise and skills needed for a growing and ambitious business. Last but not least, it also provides geographical presence in another region."

Partner consolidation continues to sweep through the channel as deals involving Xperience Group, SoftwareOne (with Bain Capital and Novis Euforia) Kick ICT, and Aspire Technology Solutions already hitting the headlines.