Wavenet has also confirmed that the new company will operate under the Wavenet brand. Completion of the deal is expected this week following regulatory approval.
Neil Thompson, CEO of Daisy, will be leaving the business. Matthew Riley, chairman of Daisy, will join the new board as non-executive director, with Bill Dawson, chairman of Wavenet, staying on in his current role.
Philip Grannum, CEO, Wavenet (pictured), said, “I am delighted to be at the helm of the newly-combined business as we enter an exciting new chapter for our people, customers, partners and shareholders.
“Although both the Wavenet and Daisy names are extremely strong in our market, we can confirm that the new business will operate as Wavenet. This will bring our businesses together under one unified brand and ensure a clear distinction between other parts of the Daisy Group, which were not part of this deal.
“The coming weeks and months will see a collaborative and transparent integration process to bring together our operations, systems and processes. Our focus will be on ensuring a smooth transition for our people, customers and partners.”
Under the terms of the deal, Wavenet’s existing private equity partner Macquarie Capital Principal Finance will become the largest shareholder. Matthew Riley and other existing Daisy shareholders will retain a minority stake in the business.
The combined company will be the UK’s largest independent IT managed services and security provider and will deliver cyber, cloud and intelligent network solutions to UK businesses and the public sector.
Wavenet’s client portfolio includes Manchester City Council, the NHS, DVLA, Specsavers, John Lewis, Greene King, Marston’s and The FA.