47. FluidOne

Revenue: £99.4m

FluidOne delivered a standout year of growth in FY24 as its M&A-fueled connected cloud strategy continued to build momentum. The London-based IT and cyber services provider grew revenue by 38.8 per cent to £99.4m, with underlying EBITDA up 24 per cent to £12.2m. This surge was powered by three strategic acquisitions and the successful integration of earlier deals, which collectively helped push FluidOne’s exit run-rate to £107m revenue and £15.5m EBITDA by March 2024.

Backed by private equity firm Livingbridge since 2019, FluidOne has now completed eight acquisitions under its current strategy. In FY24 alone, the group snapped up Surrey-based Project Five in April, Brighton’s Computer and Network Consultants (CNC) in December, and the cyber services arm of SureCloud in March. Project Five and CNC brought a combined 450 customers and expanded the regional reach of FluidOne’s Business IT Centre of Excellence, now led from the Highlander base in Sheffield. Meanwhile, the SureCloud deal significantly deepened FluidOne’s cyber credentials, adding CREST and NCSC CHECK-certified pen testing and risk consulting to the Cyber Security Associated (CSA) division.

Founded in 2006, FluidOne now serves 2,500 customers—including 200 channel resellers—across a portfolio that spans IT managed services, cyber security, cloud, connectivity and communications. Its sweet spot is “mid-market plus” businesses with 50 to 2,500 seats, although the company also counts enterprise players such as Barratt Homes, Krispy Kreme, Metro Bank and McLaren Construction among its client base.

Offerings include Azure transformation, Microsoft Copilot, penetration testing-as-a-service, Microsoft Teams voice, and a range of SD-WAN and ethernet connectivity solutions.