91. Air IT

Revenue: £48.6m

Nottingham-based MSP Air IT has experienced a standout year, with 2023 revenues soaring 190 per cent to £48.6m and adjusted EBITDA climbing to £5.4m, up from £2m the previous year. This growth is driven by a blend of organic expansion and the integration of trade from 11 acquisitions made since private equity firm August Equity took a strategic stake via Koru Topco Limited in 2020. The group remains well-capitalised, ending the year with cash balances of £2.6m and having secured an additional £21m in acquisition funding in April 2023.

The business’s focus continues to be on providing IT and communications services tailored to the evolving needs of UK SMEs. Core offerings include managed IT implementation and support, cybersecurity, cloud services, connectivity, business intelligence, IT project deployments, and professional services. Around 75 per cent of Air IT’s revenue comes from recurring, long-term contracts, which provide strong visibility and stability. The company supports its growing client base with an in-house 24/7/365 support team operating out of Kuala Lumpur, Malaysia, alongside UK-based Security Operations Centres (SOCs).

Air IT distinguishes itself in the crowded MSP market through its specialist cybersecurity division, AirSec, established in 2018. This unit employs penetration testers and CREST-accredited SOC analysts, ensuring security incidents are handled by dedicated experts rather than generalist IT support teams often stretched thin in end-user environments. According to CTO Lee Johnson, this focus on specialist staffing and rigorous security protocols helps Air IT provide “true 24/7 coverage” and a superior security offering.

Beyond cybersecurity, Air IT is aggressively embracing AI to enhance service delivery and customer experience. The company has invested in an AI-enabled automation platform designed to streamline routine processes and deliver more self-service options to clients, increasing efficiency and cost-effectiveness. The appointment of Peter Pendlebury as Chief AI and Automation Officer in 2023 signals Air IT’s serious commitment to leveraging AI-driven innovation across its service portfolio. “AI is being used to make operations faster and more intelligent, ultimately driving better business outcomes for our customers,” says Johnson.

Leadership changes in 2024 underline the company’s ambition to scale effectively. Katherine Logan joined as Chief People Officer, bringing a background in human resources and culture-building, while Andy Moss was appointed Chief Financial Officer, entering the IT channel with over 30 years of financial leadership experience across various sectors. Their hires reflect Air IT’s focus on strengthening company culture and operational efficiency as it prepares for continued organic growth and acquisition-driven expansion.

Despite risks linked to the UK economy, competition, and financial market fluctuations, Air IT’s strong reputation, long-term client relationships, and ongoing investment in innovation and talent underpin management’s confidence in the company’s future trajectory.