Estimates suggest that the global public cloud computing market is worth close to $370bn and is expected to grow rapidly until the end of the decade.
Last year, Nasstar recorded £114m in revenue and £22.1m in earnings before interest, tax, depreciation and amortisation, with the latter nearly doubling from the prior year - driven by a string of acquisitions and the launch of additional services. Mayfair's original investment in the group now called Nasstar took place in 2018, when the private equity firm led a management buyout of GCI Group from chairman Wayne Martin and the bank-backed Business Growth Fund.
Since then, the business has become a broader technology services provider, buying Modality in 2019, Nasstar the following year and KCOM's national ICT Services business in 2021. Two years ago, Wayne Churchill, a former Easynet Group executive, joined Nasstar to lead its transformation.Mayfair's preparations for a sale of Nasstar follow a flurry of deals in the broader industry, including Version1's sale to Partners Group for £675m, and Providence Equity Partners' acquisition of Node4 for roughly £300m.
Ah great, selling to another castism orientated tech multi national no doubt cause they cant innovate themselves anymore.