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MSP M&A: FluidOne Acquires projectfive

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London-based cloud solutions provider FluidOne has acquired IT managed service provider, projectfive. Financial terms of the deal were not disclosed.

This is technology M&A deal number 116 that ChannelE2E and MSSP Alert have covered so far in 2023. See more than 2,000 technology M&A deals for 2022, 2021, and 2020 listed here.

About FluidOne and Projectfive

FluidOne, founded in 2006, is based in London, England. The company has 168 employees listed on LinkedIn. FluidOne’s areas of expertise include connected cloud, SD-WAN, SASE, cybersecurity, IoT, mobile, connectivity, unified communications, contact centre, IT managed services, modern workplace, voice, business broadband, LAN & WiFi, cyber assessments and mobile device management. FluidOne is backed by private equity firm Livingbridge.

Projectfive, founded in 2002, is based in Surrey, England. The company has 39 employees listed on LinkedIn. Projectfive’s areas of expertise include IT Support, Computer Repair, Outsourcing, PC Networks, Cloud-based services, Cyber Security, Helpdesk, Connectivity, Backup, Office Moves, and Servers.

This deal follows the acquisition of Highlander Computing Solutions in January 2023, and builds on FluidOne’s strategy of investing in regional IT MSPs, according to the company.

The investment in projectfive has created a £30m revenue Business IT Centre of Excellence (CoE) for FluidOne, with 930 customers, 134 employees, and four branch offices led from Highlander’s Sheffield headquarters, FluidOne said.

Projectfive founder, Steve Coburn, will serve as a consultant to the board. Rob Reed-Roberts, Commercial Director and Brad Cordell, Technical Director, will continue leading the project five teams, the companies announced.

Post-acquisition, FluidOne’s CEO, Russell Horton, is to become Chairman of project five, with FluidOne Directors Brendan Lynch, Chris Rogers and Roy Hastings also becoming board directors, said FluidOne.

FluidOne Acquires pojectfive: Leadership Insight

Russell Horton, CEO, FluidOne
Russell Horton, CEO, FluidOne

Commenting on the acquisition , CEO, FluidOne, said:

“I am pleased to announce the acquisition of project five, that builds on our strategy to create a branch network for expertly delivered IT managed services to Business customers. When reviewing the business, I was impressed with the excellent service they deliver and the strength of relationships that the team build with their clients. This was reinforced by great customer feedback in our survey and a world class NPS of 80. They are a great fit to our strategy, and I look forward to working with Steve Coburn and the team to grow the Camberley business.”

Steve Coburn, founder and managing director, projectfive, said:

“This is an exciting chapter in the project five journey; when we first started having discussions with Russell, it was clear that our companies shared a common culture and values and a commitment to delivering great service. The FluidOne portfolio will broaden the service offering to our existing customers and the acquisition offers fantastic career opportunities to the project five team.”

Steve Brown, Highlander Computing Solutions Ltd. Managing Director, added:

“A fantastic addition to the group. Rob, Brad, and the project five team will bring great expertise to the core of the Business IT CoE and as a group we are well placed to help them grow their base and further strengthen the proposition they can offer to their customers. We’re excited to be working with another quality and values driven business.”