76. Quodea

Revenue: £61.7m

Qodea Limited is a new entrant into the Top VARs, as the combined and rebranded business of Manchester-HQ Google consultancy Cloud Technology Services, and and fellow GCP partner, Appsbroker,

Now fully integrated, the combined entity forms Europe’s largest Google Cloud technology partner, according to its own estimates. With over 320 technical experts spread across multiple offices, Qodea boasts unparalleled depth in Google Cloud solutions, helping enterprises accelerate digital transformation across EMEA and beyond.

In January 2023, Qodea’s parent company underwent a secondary management buyout, bringing it under Ruby Bidco Limited, majority-owned by global investment firm Marlin Equity Partners. This strategic backing provides Qodea with robust financial and operational support to fuel growth and acquisitions. The October 2023 acquisition and integration of Qodea Technology further solidified Qodea’s market leadership, expanding its technical capabilities and geographic reach.

Financial Overview:
FY24 was a transitional year marked by a more cautious macroeconomic backdrop, with inflation and interest rates influencing customer spending patterns. Reported revenue declined slightly to £61.7m from £67.0m the previous year; however, when combined with Qodea Technology revenues and US bookings via CloudM Inc, group revenue showed a modest 1% increase. Exceptional integration costs of £1.5m affected short-term profitability, resulting in a pre-tax loss of £5.4m. Despite this, underlying profitability improved over the year, and the group anticipates significant profit growth in FY25.

Qodea has successfully aligned its operating structure post-integration to maintain technical excellence and drive operational synergies. A notable deferred income balance of £15.9m reflects the company’s subscription-based revenue model, supporting future cash flow visibility and stability. The group’s strong cash position and net current assets provide a solid foundation for continued investment in innovation and expansion.

Positioned as the largest Google Cloud partner in Europe, Qodea is focused on leveraging its enhanced scale and expertise to capitalize on growing demand for cloud transformation, AI adoption, and security modernisation. With Marlin Equity’s backing and a strengthened management team, the group aims to pursue further strategic acquisitions and organic growth to cement its leadership in the cloud professional services market.