European managed services provider, Claranet, has released financial results for the year ended June 2017; a year which saw annual revenues increase by 42%. The company’s revenues for the 2017 fiscal year were £216.5m, up from £152.5 the previous year, while Adjusted EBITDA grew by 32% to £38.7m.
The Group’s international expansion was led by a series of strategic acquisitions, including that of Brazilian public cloud services provider CredibiliT in December 2016, which represented Claranet’s entrance into the South American market.
This was complemented by the opening of Claranet Italy in February 2017, capitalising on a growing demand for managed public cloud services in the Italian market.
Claranet also consolidated its presence in its established regions, through the acquisition of high-availability application management expert Ardenta and security solutions provider Sec-1 in the UK, French DevOps and cloud specialist Oxalide, Portuguese IT business ITEN Solutions and IT provider Rely in the Netherlands.
Commenting on this year’s growth, Charles Nasser, Founder and CEO of Claranet, said: “The most exciting aspect of our growth in scale and capability is providing services that are increasingly relevant to our customers’ journey, allowing us to develop ever stronger relationships. As we continue to expand our portfolio of services, we are also attracting larger customers with a broader range of services.
“This strategy has enabled us to make significant inroads with upcoming technologies and related services in the areas of Public Cloud, DevOps, Security and Big data.”
Nigel Fairhurst, chief financial officer at Claranet, added: “Our results for the year highlight the positive impact our acquisition strategy and refinancing exercise have had on our position in the market. At the end of FY17, annualised revenue for the Group was in excess of £310 million, roughly double the revenue reported in FY16.”
Claranet’s growth this year has also been boosted by its refinancing exercise, which has provided the company with long-term funding and an incremental acquisition facility of £80m. In addition, Tikehau Capital have acquired a minority shareholding in Claranet.