Evergreen acquires REDD, celebrates $1 billion revenue milestone
Evergreen has reached its 100th managed IT services provider acquisition milestone with the addition of REDD, an Australia-based business, to its Lyra Technology Group portfolio.
REDD, headquartered in Brisbane, will continue to operate independently as part of Lyra Technology Group, Evergreen's collection of managed IT services providers. The company was established in 2016 by Nigel Heyn, and under the leadership of Heyn and Chief Executive Officer Brad Ferris, REDD has grown through a focus on technical expertise and business management.
Brad Ferris will remain CEO, and the business will retain its existing operations, following the model Evergreen applies in its portfolio which prioritises decentralisation.
Global expansion
Evergreen currently operates in the United States, Canada, United Kingdom, Australia, and New Zealand. The company is exploring expansion into Ireland as well as the Nordic and Benelux regions.
Details of the acquisition were not disclosed by either party.
Craig Fulton, M&A Advisor at Evergreen, commented: "Nigel and Brad's leadership and values align closely with Evergreen's long-term vision. In becoming part of the Evergreen network, REDD is positioning itself for continued success while contributing valuable insights to peers across the portfolio."
Ferris provided his perspective on the development, saying, "REDD has always been built on a commitment to exceptional service, strong relationships, and a culture that puts people first. That doesn't change. What excites us about joining Evergreen and Lyra is the opportunity to stay true to who we are while being bolstered by a global network of like-minded businesses. This partnership enhances our ability to deliver for our clients, share best practices, and tap into a deep pool of expertise — all while preserving the team, culture, and values that make REDD unique."
Financial milestone and recognition
Evergreen has also been recognised as the first Pax8 partner to generate over $1 billion in IT services revenue. In addition, last month Evergreen Vice President Sydney Hockett was named to CRN's Women of the Channel list.
The company recently hosted its first Evergreen Elevate event, designed as a free opportunity for managed service providers to obtain strategic insights relating to exit strategies.
Ramsey Sahyoun, Co-Founder and M&A Partner at Evergreen, said, "When we started this company seven years ago, we hoped to replicate the Berkshire Hathaway model and build the best home for MSPs. I'm proud that we've stayed committed to that vision, to our decentralized operating model, and to our permanent hold strategy. It's been a rewarding journey, and we are grateful for the MSP business owners that have trusted us with their companies."
Stakeholder and partner perspectives
Lloyd Wolf, Founder and former CEO of Wolf Consulting, which was the first managed IT services provider acquired by Evergreen in December 2017, commented on his experience: "Selling the ownership of my business was one of the biggest decisions of my life. I first met Jeff Totten, CEO of Evergreen, in the fall of 2017. He shared with me his vision of building the best home for businesses and their leaders, retaining our employees and taking care of them, and investing in continued future growth – all while operating in a decentralized model that would allow the business to maintain its culture and independence. This approach and model were very different from any other buyer I had met. I was excited that I had found the permanent home for my business and employees. Since then, Evergreen and Lyra Technology Group have truly executed the vision Jeff originally shared with me. From Wolf Consulting to REDD, I couldn't be more proud of Evergreen's and Lyra's growth and success."
Lane Brannan, Executive Vice President and General Manager, Americas, at Pax8, also congratulated the business: "It's been impressive to witness the growth and revenue milestones Evergreen and Lyra have achieved over the last few years. While obtaining a billion dollars of revenue is an impressive achievement alone, it also signals the critical role and impact MSPs have in driving technology adoption within the SMB market. We look forward to fueling our strong partnership with Lyra and congratulate them on this significant milestone."
Evergreen continues to emphasise its practice of a permanent hold strategy and a decentralised operating model in the managed IT services sector, as it further expands its international presence and portfolio.
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