Beech Tree invested in Wavenet in 2016 and has since seen the company grow its turnover from £14m in 2016 to over £60m in 2021 both through acquisitions and organic growth.
Eight acquisitions have helped Wavenet to strategically expand its presence across the UK with most recent acquisitions including VIA, Townley and Qubic. These have provided the infrastructure to deliver a comprehensive suite of connectivity, cloud and cyber services and to confidently move into the ITaaS space, Wavenet said, supported by its new partnership with HPE.
Wavenet said it has also made ‘significant investments’ in its people, network, products and systems which has resulted in the company being able to support large-scale enterprise solutions, such as its recent work with DVLA on its contact centre and back-office.
“I am extremely grateful for Beech Tree’s support and advice over the last five years, the team have been integral in empowering the expansion and development which has resulted in our fantastic growth,” said Bill Dawson, Wavenet CEO.
“As a team, we are excited to continue to build on this growth as we enter our new partnership with Macquarie. I am confident that the passion and quality of our people, management and infrastructure combined with Macquarie’s experience will drive us to even greater success in the future.”
Adam Joseph, head of private equity for Macquarie Capital Principal Finance Europe said: “This investment provides us with a unique opportunity to deploy our flexible capital to grow a leading UK technology provider at a time when organisations across the country are looking for increasingly innovative technology solutions. We are looking forward to using our experience from growing other UK businesses to support the development of Wavenet both from an organic and acquisitive standpoint."
Paul Franks, managing partner at Beech Tree, described Wavenet as ‘one of the stand-out unified communications players in the UK market’ and added that he wishes both Wavenet and Macquarie ‘every success for the future’.