Modern Networks, a provider of managed IT services to the commercial property sector has completed its acquisition of Wave 9, a leading provider of secure, filtered internet and telecommunications services to schools.
The acquisition will form the basis of Modern Networks new Education Division which is expected to deliver high growth in the coming years on the back of positive funding dynamics and the increasing importance of IT to all aspects of the school day and with a renewed focus on infrastructure capacity, resilience and security standards by Department for Education. With a well-earned reputation for providing high-quality, excellent value services, the acquisition will provide increased scale and depth and offer education customers access to additional capabilities and an enhanced service offering.
The success of Wave 9 to-date has been down to the quality and dedication of the whole team to serving education customers. The team are delighted that the value of Wave 9’s brand, market specialism and the quality of the team has been recognised and are very excited about the future as part of the Modern Networks group.
Mark Burton, Founder and CFO of Wave 9 said:
“Our journey with Dan, Marcus and the team at Acuity began with an impressive level of commitment during the preparation phase. Their focus on understanding our individual and business goals was clear and the Information Memorandum demonstrated they had quickly developed a full understanding of our business and market sector, leading to a significant level of interest.”
Dan Delooze, Vice President at Acuity commented:
“It was a pleasure to advise the Wave 9 Team on their transaction with Modern Networks and find a great partner to support the business on the next chapter of its growth journey. The team have built an outstanding business in a rapidly developing and fundamentally critical sector, which defines the way that students leverage IT and access online resources to enable better educational outcomes in a safe and secure environment. Through the partnership and the creation of a new Education Division within Modern Networks, we look forward to seeing where the team take the business next and wish them all the best for the future.”
Marcus Allchurch, Managing Partner at Acuity commented:
“We are thrilled to have advised Wave 9 on their sale to Modern Networks. This transaction underscores Acuity’s position as the leading M&A advisor to mid-market European Telecoms and Cloud Communications businesses, and I am delighted by the outcome.”