Wavenet/Daisy merger to operate under Wavenet brand following regulatory approval
Wavenet CEO Philip Grannum will lead the combined business
The blockbuster merger between Wavenet and Daisy Corporate Services (DSC) has passed regulatory approval following completion of the deal this week.
As a result, the combined business will operate under the Wavenet brand, with existing Wavenet CEO Philip Grannum stepping up to lead the unified company.
Grannum said this will bring the businesses together under one unified brand and ensure a clear distinction between other parts of the Daisy Group, which were not part of the deal.
Daisy CEO Neil Thompson will be leaving the business.
"By combining our strengths, resources and expertise, we are poised to create a stronger and more innovative organisation, well positioned to maximise on the rising tide markets of cyber, cloud and intelligent communications," said Grannum.
"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."
Wavenet said the deal with DCS will employ around 2,000 staff and support over 22,000 customers.
Wavenet will now have an enhanced client portfolio, including public sector bodies including Manchester City Council, the NHS and DVLA. In the retail sector, customers include household names such as AS Watson, Specsavers and John Lewis, while leisure and hospitality clients include Greene King, Marston's and The FA.
Daisy chairman, Matthew Riley will join the new board as non-executive director, with Wavenet chairman Bill Dawson staying on in his current role.
The duo announced their mega merger in May and is billing the combined entity as the UK's largest independent IT managed services and security provider.
The deal will see Wavenet's existing private equity partner Macquarie Capital Principal Finance become the largest shareholder, with Matthew Riley and other existing Daisy shareholders retaining a minority stake in the business.