24. Wavenet

Revenue: £171.1m

Wavenet continues to cement its position as one of the fastest-growing technology partners in the UK channel, posting a 44 per cent year-on-year revenue increase in its latest financial year. The Solihull-based provider recorded sales of £171.1m for the year ending 31 March 2024, up from £118.8m the previous year, and generated £28.3m in cash from operating activities.

Under its dual growth strategy—blending organic expansion with acquisitive momentum—Wavenet has significantly scaled its capabilities in cyber security, cloud and managed services. Its parent company, Thetis Bidco Limited, plays a key role in this trajectory, with acquisitions rapidly hived up and integrated.

Key acquisitions over the period included Advantage Technologies in August 2023, contributing £0.5m in revenue and £0.2m in gross profit following its hive-up in December. The group also brought Adept Technology Group into the fold through a take-private deal, with the public sector and education-focused outfit contributing £25.2m in revenue and £11.7m in gross profit over five months. Cyber capabilities were boosted further by the integration of Fidus Information Security—bringing CHECK and CREST-accredited penetration testing expertise—and elements of Falanx Cyber Defence, together adding £0.8m in revenue.

Recurring revenue accounted for 82 per cent of total sales, and gross margins held steady at 47.3 per cent. Adjusted EBITDA rose to £32.8m, although the company reported an operating loss of £6.2m due to exceptional items, depreciation and amortisation costs.

Despite rising inflation and competition, Wavenet has maintained Net Promoter Scores above 86 and improved its EcoVadis sustainability rating to the 97th percentile. The company credits its success to a strong customer-first ethos, market diversification, and investment in scalable infrastructure. As of 31 March 2024, it reported net assets of £263.6m.

Wavenet’s stated vision is to be the UK’s most respected provider of cyber security, cloud and technology solutions—a goal it continues to pursue by backing the right technologies, people and partners.