Welcome to Acuity’s 2021 H1 review of the Telecoms, Cloud & Managed Services sector in the UK and Ireland. In spite of, or perhaps partly fuelled by, Covid-19, the TCMS sector has enjoyed an exhilarating 6 months. We think of this in terms of a once-in-a-generation evolution in the way people use technology to live, work and communicate. As you’d expect in a sector where recurring revenue is a key focus, TCMS businesses with the right revenue mix have been even more attractive to investors. This has contributed to the exciting levels of deal activity over the period.