IT Managed Service provider Acora Ltd completed its financial year 2020 in October, reporting strong revenue growth, a 40% like for like increase in EBITDA, and with the news it has concluded its first acquisition since receiving investment from Palatine Private Equity in April.
CFO, Gary Page, comments on the results:
“The positive financial performance we’ve seen this year reflects a balanced combination of organic and acquisition growth, which is in line with Acora’s strategy. Our focus remains on growing contracted revenue through focusing on customer experience. Contracted revenue increased from 70% to 79% of Acora’s total revenue in 2020, and was strengthened by the signing of close to £20M of new long-term managed and outsourced agreements.”
Acora, who specialises in the provision of managed services into the UK knowledge economy including sectors such as Legal, Financial Services and Insurance, also completed its acquisition of Veber Ltd in late September, adding further scale to its cloud capabilities. Veber offers high-performance, high-availability cloud hosting to clients requiring tailored implementations, UK data residency, and excellent levels of technical support.
“Veber perfectly complements our existing private and public cloud offerings, and represents another positive contribution to our growth plans.” commented David Hemmings, Acora’s Chief Acquisition Officer.
“In a very challenging year for all, it is encouraging to see the continued growth of Acora in terms of our people, our customer success and ongoing acquisition activity.” says David Rabson, Acora CEO.
“We have clear visibility and plans in place to repeat both our organic and acquisitive growth in FY21. This will be in parallel with launching our new value proposition to further support the client experience and positively impact our key sectors and segments. The Veber business brings with it a strong team, and 50 long-standing customers who will benefit from the wider offerings and scale that Acora can provide. We’re confident we can continue our strategy of adding good people, great customers and complementary capabilities as we add further scale in the months ahead.”