38. Ultima Business Solutions

Revenue: £110.3m (+2.3%)

Staff: N/A

This Microsoft specialist's modest growth was driven by strong revenue from managed services and cloud services, it said in its annual report.

The Reading-based MSP is transitioning to a an MSP model focused on cloud, security and digital workspace, and away from a vendor-focused professional services approach, in an effort to shore up its recurring revenue.

Ultima cited increased demand for public cloud services as a key growth driver, allowing it to accelerate its provision of managed services, automation, consulting and lifecycle support.

It looks like most firms on this list are betting heavily on AI and Ultima is no different. It highlights its in-house software automation unit, Ultima Labs, as the vehicle for helping businesses adopt ‘AI enabled smart software for IT operations optimisation'.