These are the fastest growing firms in 2024's Top VARs and MSPs
From upstarts like FluidOne, to established players like Bell Integration, see who managed to beat the market in 2023
Amid an economic slowdown, talent shortages, post-pandemic project delays and a shifting tech landscape, 2023 saw UK's biggest VARs and MSPs grow revenues at a slower pace than in previous years.
Overall, the top 100 grew by 14 per cent (just over £3bn) to £21.5bn in total, compared to 16.7 per cent last year.
Even so, there were many standout high-growth companies on the list this year – a rising tide may lift all boats, but some do well even in stagnant water.
Here are the fastest growing of the top 100.
10. Nasstar (+42 per cent)
West Yorkshire's Nasstar experienced a notable climb in this year's rankings, propelled by a substantial 42 per cent increase in revenue to £161.3m, attributed to strategic acquisitions.
The acquisition of National Business accounted for £57.2m of this surge.
However, the company faced challenges with shifting customer demands amid and post the Covid-19 pandemic, affecting its underlying revenues.
9. Sync (+42.7 per cent)
Manchester-HQ Sync proved its reseller chops in a year where pureplay resale seems to be increasingly rare.
At No. 17 in the top 100, Sync grew by 42.7 per cent, reaching £199.1m in revenue for its most recent financial year – narrowly missing out on the £200m milestone, but making it into the 10 fastest-growing.
Mainly focused on the educational sector, Sync specialises in hardware, software and finance solutions, as well as installations, training, technical support, repairs, and more.
8. Charterhouse (+43 per cent)
August Equity-backed Charterhouse had its generous acquisitions budget to thank for its 43 per cent revenue spike this year.
The MSP made five acquisitions in 2021 – among them cyber specialist Pentesec, Microsoft Gold partner Symity and fellow MSP DXP.
The MSP also saw some organic growth thanks to its public sector contracts, according to Companies House filings.
In 2023, the MSP became Extreme Networks' most accredited UK partner, on course to do £10m in business with the networking vendor.
7. Avanade (+48 per cent)
The UK arm of the Accenture/Microsoft joint venture inched up two spots in the list this year, breaking the top 15 with 38.6 per cent revenue growth.
The Fenchurch-based UK arm of this global business is highly focused on innovation, and benefits from multiple research and innovation projects within the Accenture group.
The focus on challengers culminated in Avanade's buyout of Quantiq Group for £63.2m last year.
6. IGX Global (+48.3 per cent)
ePlus-owned IGX is the 6th fastest growing on the list this year, and 50th by revenue overall. The London-based firm jumped from No. 80 last year to No.50 in 2024, with a near-50 per cent revenue hike.
Gross profit grew to £10.3m, while operating profit contracted nearly 55 per cent to £1.6m, due to investments back into the business.
5. Kerv Group (+48.7 per cent)
Cloud and digital services specialist Kerv jumped to No. 56 on this year's list, thanks to an M&A drive over the past three years.
The London-based firm added around 400 employees and almost £30m in revenue as of its most recent set of results.
It now boasts offices in Birmingham, Richmond, Cardiff and Bengaluru.
4. Bell Integration (+50.5 per cent)
Another VAR which is making a concerted move into services, Bell opted for an acquisition approach, buying out the services unit of AI-focused software shop Amelia in February.
That said, Bell's move up in this year's list was largely off the back of organic growth over the past three years.
With the Amelia buy, Bell has set its sights on recurring revenue through AI services and solutions.
3. Redcentric (+51 per cent)
London-based MSP Redcentric catapulted an impressive 16 spots in this year's ranking, powered by a robust 51 per cent annual revenue growth. Notably, its revenue run rate surged by an astonishing 75 per cent, as disclosed in its latest financial filings.
Reflecting on the past year, the firm deemed it an 'inflection point,' citing the strategic addition of hyper cloud transformation and cybersecurity professional services to its portfolio.
In 2023, the company strategically acquired several datacentre assets from defunct provider Sungard.
2. Wavenet (+66.8 per cent)
In its first year incorporating 2022 acquisitions Excell and OGL, Wavenet, headquartered in St Albans, has significantly climbed the ranking, reaching No. 34.
Throughout last year, Wavenet pursued further acquisitions, including MSP Adept Technology Group, network solutions specialist Axial, and Falanx Cyber in April, June, and December 2023, respectively.
1. FluidOne (+72 per cent)
FluidOne was another alumnus who had an incredibly acquisitive year, with three buyouts in 2023 alone - Computer and Network Consultants (CNC), project five and Highlander Computing.
Its buyout-focused strategy has taken it to a whopping 71.6m revenue in its most recent financial year to March 2023, but with its most recent acquisition, announced in mid-March – SureCloud Cyber Services – the London-HQ MSP is now a £109m revenue business.