2025年第二季度托管服务报告

MANAGEDSERVICE

PROVIDER"MSP"MARKETUPDATEQ22025

NEWYORKILONDONILOSANGELESIPARISIMUNICHSANFRANCISCOIBERLIN⃞DUBAI

Drakestartofindupdatedimage

INDEPENDENTANDPARTNER-LED

partnerownedinvestnnent

bankwithan

entrepreneurialteann

LEADERIN

MIDmmMARKETTECH

INVESTMENTBANKING

TOPGlobalBoutiqueInvestmentBank

☆☆☆

1OO%

TECH-FOCUSED

Deepsectorexpertisein8coretechverticals

GLOBALREACHCOMBINEDWITHLOCALPRESENCE

oneofthelargesttech

teamswithsenior

professionalsintheus,

EuropeandMiddleEast

STRONGTRANSACTIONTRACKRECORD

over5ootransactions

completedincl.numerous

techlandmarkdeals

☆

RECOGNISED

BYTHEINDUSTRY

9xinvestmentbankofthe

year,

+4oxdealoftheyear,6xleadershipawards

EXTENSIVEM&AAND

CORPORATEFINANCE

EXECUTIONSKILLS

Executingwiderangeof

transactionsincluding

strategicM&A,PEBuyouts,

privateplacements,BUY

side,andcarveoutsdeals

2

Formoredetailsregardingawards,pleasevisitand.

STRONGTRANSACTIONTRACKRECORD

OVER500TRANSACTIONSCOMPLETED

*DrAkesTARSTRICTLYCONFIDENTIAL

3

*DrAkesTAR

4

RALFPHILIPPHOFMANN

ManagingPartner

Munich

+491733930070

ralf.hofmann@

CHRISTOPHEMORVAN

ManagingPartnerParis

+33687990537

christophe.morvan@

SAMLEVY

Partner

NewYork

+16462453550

sam.levy@

GABYSILVESTRIS

PartnerLondon

+447773052247

gaby.silvestris@

MSP

MSP

aportfoliocompanyof

SALETO

MSP

HASBEENACQUIREDBY

MSP

MSP

MSP

MSP

M&AactivityintheMSPspaceremainedstronginQ22025,with92announceddeals

underscoringcontinuedinvestorinterestinthislargeandquicklyconsolidatingsector.

Bothstrategicandfinancialconsolidatorsremainedfocusedonenhancingtheir

capabilitiesbyacquiringITserviceproviders,whichaccountedfor83%oftotalM&AactivityinQ22025.

Strategicbuyerscontinuetoconsolidateactively,withallthetop10playersacquiringatleastfourMSPsoverthepasttwoyears.Incontrast,mostfinancialinvestors

continuetofocusonsingleinvestments.

TheglobalMSPmarketvaluereached$305billionin2024andisexpectedtogrowto$571billionby2033,drivenbyincreasingITcomplexitiesanddemandforcost

efficiency.

5

Source:DrakeStar

5

102

MSPtransactionsinQ22025

$305bn

Globalmanagedservicemarketvaluein2024

~7.2%

ExpectedmarketgrowthCAGRuntil2033

Top3MostImportantOutcomesAchievedFromManagedServices

OutsourcingITservicestoMSPs

enablesoperatingcostefficiencies

Sources:Pitchbook,IMARCGroup

AssistinnavigatingthecomplexitiesofadvancedITenvironments

6

RapiddeploymentofnewtechnologiessuchasAI

ManagedServiceProviders(MSPs)arefacingsignificantgrowthchallengesin2025,despiterisingdemandfortheirservices.Thesechallengesstemfroma

combinationofoperational,technological,andmarketforcesthatcontinuetoreshapetheindustrylandscape.

BelowarefivestrategicprioritiesMspsshouldtackletodrivegrowth.

Escalatingcybersecurity

Demands

Risingcyberthreatshaveled

84%ofMSPclientstoexpect

theirproviderstomanage

cybersecurity,upfrom65%lastyear.ThishasincreasedscrutinyofMSPs’internalsecurity

practices,with77%reportinggreaterpressure.Inresponse,over80%ofMSPshave

increasedcybersecurityhiring,and78%haveenhancedtheirsecuritycapabilities.

operationalcomplexityandToolsprawl

MSPsoftenrelyonawidearrayoftoolstomanageclient

networks,whichcancreate

operationalinefficiencies.Nearlyhalfreportusingtenormore

tools,leadingtochallengesinnetworkvisibilityandserver

monitoring.Asaresult,60%ofMSPprofessionalsexperiencemoderatetohighlevelsof

burnout,and44%reportadeclineinproductivity.

TalentAcquisitionand

Retention

TheongoingshortageofskilledITprofessionalsmakesit

increasinglydifficultforMSPstorecruitandretaintoptalent.Thistalentgapposesasignificant

barriertoscalingoperationsandconsistentlymeetingclient

expectations.

Regulatorycompliance

pressures

MSPsareincreasinglytasked

withensuringclientcompliancewithregulationssuchasGDPR,HIPAA,andPCIDSS.This

requiresastrongunderstandingofregulatorystandardsandtheimplementationofappropriate

controls,addingtotheiroperationalburden.

Marketsaturationandcompetitivepressures

TheMSPmarkethasgrown

increasinglycrowded,leadingtoheightenedcompetition.Around35%ofMSPsnowcite

competition(includingAI)as

theirprimarychallenge,upfrom29%thepreviousyear.This

growingpressureunderscorestheneedforcontinuous

innovationanddifferentiationinserviceofferingstomaintainacompetitiveedge.

“MSPscanthrivebytacklingfivestrategicpriorities:1)Streamlineoperationsbyconsolidatingtoolstoreduceburnout;2)Investintalentthroughtrainingandimprovedworkplaceculturetoboostrecruitmentandretention;3)Enhancecybersecurityservices likeMDR,zero-trust,and24/7monitoringtostandout;4)Leverageautomationtoshiftstaffeffortsfromroutinetaskstohigher-valuework;and5)offerCompliance-as-a-Servicetohelpclientsnavigateregulationsandbuildrecurringrevenue.

ThisintegratedapproachsupportssustainablegrowthandpositionsMSPsforsuccessinacompetitiveITlandscape.”

Sources:DrakeStar,ITPro,ScaleMSP,XeneX,Kaseya

7

*DrAkesTAR

8

Sources:IMARCGroup,PrecedenceResearch

ITCOMPLEXITIESANDCOSTEFFICIENCYDRIVINGMANAGEDSERVICESTO

MANAGEDSERVICESMARKETSIZE|$BN

KEYDRIVERS

CAGR:7.2%

自介·

Increasingcomplexity:Theswiftadvancementoftechnology,variedsoftwareenvironments,andtheintegrationofnumerousplatformsaredrivingtheneedformanagedservices.

costEfficiency:Managedservicesimprovecostefficiencyby

optimizingresourceutilizationandreducingoperatingexpenses,

therebyenhancingoverallprofitability.Businessesareincreasingly

choosingtooutsourcetoMspsforinfrastructureandtoolsata

predictablemonthlyfee,ratherthaninvestingincostlyhardwareandsoftware.

cybersecuritychallenges:Therisingincidenceofcybersecurity

threatsisfuelingtheneedforMSPS,whoprovidespecializedsolutionssuchas24/7monitoringandthreatdetection.Theseservicesarevitalforsafeguardingsensitivedataandensuringcompliancewith

regulations.

EnhancedBusinessAgility:ManagedservicesoffertheflexibilitytopromptlyadaptITresourcestochangesinthemarket,customer

requirements,andemergingopportunities.Thiscapabilityallowsforswiftresponseswithoutbeingconstrainedbyfixedinfrastructure.

9

*DrAkesTARSources:Pitchbook,DrakeStarAnalysis

M&AACTIVITYREMAINEDROBUST,WITHITSERVICESMAKINGUP83%OFTOTALDEALS

90+ANNOUNCEDM&ADEALSINTHEUSANDEUROPEINQ22025(VIRTUALLYNONEDISCLOSEDDEAL$VALUE)

123

2,500

112

107

92

2,000

77

1,500

58

1,000

34

37

2624

24

500

0

Q422Q123Q223Q323Q423Q124Q224Q324Q424Q125Q225

LargestDealbyValueintheQuarter(In$Millions)

DealCount(InFigures)

DealValueofRemainingDeals(In$Millions)**

⃞22025DEALCOUNTBYSEGMENT

Total-92

4%

3%

10%

83%

Q22025DEALCOUNT

BYGEO

Total-92

49%

51%

EuropeUnitedStates

DEALCOUNTBYSEGMENT

Q1

2025

Q2

2025

SystemsSoftware

CommercialServices

83%10%

CommunicationsandNetworking

ITServices

90%

4%

4%

3%

6%

Note:Dealvaluereflectssolelythecapitalinvestedbythosedealsthatdisclosetheirspecificvalue.Notalltransactionsreportdealvalue.Onlyonetransactionhasdealvaluereported($5Mn)inQ22025

*DrAkesTAR

10

Sources:Pitchbook,DrakeStarAnalysis

TOPMSPCONSOLIDATORS|Q32023-Q22025

TOP1OMOSTACTIVESTRATEGICCONSOLIDATORS*

accenure

IlNAVISITE

Omindcurvgroup

contict

pa

eLeMeNt

vitalro

TOP1OMOSTACTIVEFINANCIALCONSOLIDATORS**

BGFCardnal凰otalspecincsoutions

kocho留

ITpartners+

IncludesdealssinceJuly2023.*Rankedbytotaldealcount.

**MostfinancialinvestorshavemadeonlyasingleinvestmentinMSPcompanies.Therefore,apartfromthefirstfourinvestors,restlistedunderthemdonotadheretoanyranking.

U.S.CONTINUESTOBETHELARGESTM&AMARKET

TOPM&ADEALSINTHEMSPSPACE|Q22025

REVENUE($Mn)

ACQulRERCOUNTRY

COMPANY

COUNTRY

EMPLOYEES

DATE

DEALS/ZE

ACQulRER

($Mn)

onevInn

600

-

-

Apr25

nwncarousel

550

-

-

Jun25

co悲asr

400

188.1

-

Apr25

Gerent

一TElus·Digital

400--

May25

aTELUSDigitaICompany

350

75.0

-

Apr25

300

-

-

Jun25

300

-

-

May25

300

-

-

May25

275

-

-

Jun25

10

-

5.0

Apr25

Note:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage

*DrAkesTAR

11

Sources:Pitchbook,DrakeStarAnalysis

SELECTM&ADEALSINTHEMSPSPACE

Q22025

600

EMPLOYEES

•OnevinnwasacquiredbyAllurity,viaitsfinancial

sponsorNordlundInvest,throughanLBOonApril11,2025.

•ThisstrategicacquisitionstrengthensSophos,

cybersecuritycapabilities,whileexpandingitsregionalpresence.

Apr-2025

onevInn

400

EMPLOYEES

•GerentwasacquiredbyTELUSDigital,aCanada-basedITServicescompanyonMay28,2025.

•ThisacquisitionwillfurtherstrengthenTELUSDigital'sexpertiseintransformingtheCXagentexperience,

includingthedevelopmentandimplementationof

agenticAIaspartofitsdigitalsolutionsserviceline.

May-2025

一TElus·Digital

Gerent

aTELUSDigitaICompany

550

EMPLOYEES

•InterVisionSystemswasacquiredbyNWNCarousel,viaitsfinancialsponsorAmericanSecurities,throughanLBOonJune2,2025.

•ThisacquisitionenhancesNWN'sAI-basedofferingswithadvancedcloudandapplicationmodernizationcapabilities,whileexpandingitsfootprintinthe

Midwest,Mid-Atlantic,andpublicsectormarkets.

Jun-2025

nwncarousel

350

EMPLOYEES

•SmartERPSolutionswasacquiredbyMythics,viaitsfinancialsponsorOneEquityPartners,throughan

LBOonApril24,2025.

•Throughthisacquisition,Mythicsintendstoexpand

andcustomizeitsofferingsacrossOracleapplications,whileimprovingoperationalefficienciesandincreasingagilityandscalability.

Apr-25

*DrAkesTAR

Sources:Pitchbook,DrakeStarAnalysis

Note:ThisslidepresentskeydealscompletedinQ22025andarerankedbasedonthesizeofthetargetcompany.

•NitelwasacquiredbyComcastonApril1,2025.

•ThisacquisitionwillhelpComcastexpandand

enhanceitsofferingsinconnectivity,secure

networkingsolutions,andadvancedtechnologies,forenterpriseclients.

co悲asr

400

EMPLOYEES

Apr-2025

12

•TechMDwasacquiredbyIntegris,viaitsfinancial

sponsorsOMERSPrivateEquityandAntaresCapital,throughanLBOonJune16,2025.

•ThisacquisitionwillenableIntegristobroadenits

cybersecurityofferingsandenhanceservicedeliveryforsmallandmidsizebusiness(SMB)clientsacrosstheUS.

Jun-2025

275

EMPLOYEES

Integris.

10PRIVATEPLACEMENTDEALSINQ225,WITHTHEUSCOMPRISING60%OFTHEDEALS

ANNOUNCEDPRIVATEPLACEMENTDEALSINTHEUSANDEUROPE|Q22025

2,500

2,000

1,500

1,000

500

0

14

13

10

5

5

4

3

3

$60Mn

2

00

Q422Q123Q223Q323Q423*Q124*Q224*Q324Q424Q125Q225*

LargestDealbyValueintheQuarter(In$Millions)

DealCount(InFigures)

DealValueofRemainingDeals(In$Millions)

*DrAkesTARSources:Pitchbook,DrakeStarAnalysis

Q22025DEALCOUNT

BYGEO

⃞22025DEALCOUNTBYSEGMENT

Total-10

Total-10

40%

60%

20%

60%

20%

UnitedStatesEurope

ITConsultingandOutsourcing

SecurityServices

SystemsSoftware

Note:Dealvaluereflectssolelythecapitalinvestedbythosedealsthatdisclosetheirspecificvalue.Notalltransactionsreportdealvalue.DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage.

*ForQ22025,thetotaldiscloseddealvalueis$98Mn,withNexusITConsultantsreportingthelargestdealvalueof$60Mn.

*NodealvaluesdisclosedforQ42023,Q12O24,andQ22024.NotransactionstookplaceinQ12024andQ22024.

13

ITCONSULTING&OUTSOURINGDRIVEINVESTMENTS

TOPPRIVATEPLACEMENTDEALSINTHEMSPSPACE|Q22025

REVENUE($Mn)

SELECTINVESTOR

COMPANY

SUBSECTOR

COUNTRY

EMPLOYEES

DATE

DEALS/ZE

($Mn)

凰otalspecincsoutions

102.5

400

Jun-25

-

ITConsultingandOutsourcing

4.1

60.0

40

Jun-25

ITConsultingandOutsourcing

ITpartners+

30.0

Jun-25

-

-

SystemsSoftware

5.5

Jun-25

-

-

-

SecurityServices

ITConsultingandOutsourcing

8.3

2.5

-

May-25

ITConsultingandOutsourcing

-

-

10

Jun-25

SecurityServices

-

-

10

May-25

SystemsSoftware

8.5

0.25

40

Apr-25

ITConsultingandOutsourcing

-

-

-

Apr-25

ITConsultingandOutsourcing

-

-

-

Apr-25

*DrAkesTAR

14

Sources:Pitchbook,DrakeStarAnalysis

PRIVATEPLACEMENTINVESTMENTSINMSPS

Q22025

$60M

ACQUISITIONBY

•NexusITConsultantsLLCannouncedthatithas

received$60millioncapitalcommitmentfromanew

investor,MetropolitanPartnersGrouponJune9,2025.

•ThefundingwillsupportNexusIT’snationwidegrowthstrategy,includingtheacquisitionofculturallyalignedMSPsservinghealthcare,finance,andlegalsectors.

Jun-25

$0.3M

ACQUISITIONBY

•HighWireNetworks,Inc.announcedthatithas

receiveda$250,000fundingfromGHSInvestments,

LLCthroughasecuritiespurchaseagreementonApril

30,2025.

Apr-25

$30M

ACQUISTIONBY

•ITPartnersLLCannouncedthatithasreceived$30millioninaroundoffundingfromanewinvestor,

MetropolitanPartnersGrouponJune26,2025.

•ThecapitalwillenableITPartnerstoexecuteitsM&Aroadmap,consolidateleadingMSPsnationwide,andsupportlong-termgrowthgoals.

Jun-25

ITpartners+

400

EMPLOYEES

•CipalSchaubroeckwasacquiredbyTotalSpecificSolutions,aUS-basedcompanyinvestinginverticalmarketsoftwarecompanies,onJune2,2025.

•ThisacquisitionstrengthensTSS'sportfoliooflocalgovernmentsoftwareprovidersinEurope.

Jun-25

凰otalspecincsoutions

*DrAkesTAR

Sources:Pitchbook,DrakeStarAnalysis

•VersatileCommunications,Inc.wasacquiredby

ScreenCapitalthrougha$2.5millionLBOonMay21,2025.

$2.5M

ACQUISITIONBY

May-25

15

•FuturerangeLimitedannouncedthatithasreceivedaroundoffundingfromanewinvestor,CardinalCapitalGrouponJune02,2025.

•ThefundswillbeusedtoenhanceFuturerange’sbusinessofferingsandsupportitsstrategic

acquisitions.

Jun-25

10

EMPLOYEES

#DRAKESTAR

ALEXGER下SBURG

17

18

GLOBALREACHCOMBINEDWITHLOCALPRESENCE

ONEOFTHELARGESTTECHTEAMSACROSSNORTHAMERICA,EUROPEANDASIA

offices

5

countries

5OO+

transactions

+4O

DealoftheyearAwards

+3O

partners&

seniorAdvisors

+7O%

cross-bordertransactions

#DRAKESTAR

19

Formoredetailsregardingawards,pleasevisitand.

#DRAKESTAR

MSP

Q22025MARKETUPDATE

WWW.DRAKESTAR.COM

DrakeStarisanaward-winningglobaltechinvestmentbankthathascompletedover500transactionssince2013.DrakeStarglobalteamofseniorprofessionalsacrossofficesinNewYork,London,Paris,Munich,SanFrancisco,LosAngeles,Berlin,andDubai*focusesonmergers&acquisitionsandcorporatefinanceservicesworldwideinConsumer&RetailTechnology,HRTech,DigitalMedia,FinTech,Mobility&Sustainability,Software/SaaS,DigitalServices,andIndustrialTechsectors.

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