The Platform is a group of Managed IT Service Providers (“MSPs”) in the Netherlands. MSPs offer comprehensive management of IT infrastructure and user systems on a subscription basis, focusing on proactive, ongoing support and maintenance, ultimately acting as an internal IT department. These businesses are generally characterised by low capex requirements, high share of recurring sales, stable margins, and high cash conversion.
The managed IT services market in Europe is experiencing significant growth ($427b in 2024 projected spending, +11.8% YoY[1]) driven by the increasing need for digitalisation among SMEs, the growing technological complexity, and the rising adoption of the “as-a-service” model.
The Netherlands is a frontrunner in Europe in terms of digitalisation. The country benefits from a robust digital economy and significant investments in IT and cloud services by major global players. The Dutch market is also highly fragmented in this space, counting more than 5,000 MSPs, and is characterised by a strong presence of SMEs increasingly adopting managed services to enhance their IT infrastructure and security.
"The Dutch IT market is the third ‘Mainport’ of the Netherlands and we foresee further growth acceleration in the coming years due to the further digital transformation as an underlying driver. We are therefore delighted and grateful to have Syz Capital on board as a Private Equity co-investor in our MSP platform." as Derk van Wingerden, co-founder of Riverdam, stated.
Olivier Maurice, Managing Partner at Syz Capital, commented “At Syz Capital we are thrilled to partner with Riverdam in the creation of a leading MSP group. We look forward to supporting the platform’s management team as the company continues its growth journey, executing an ambitious value creation plan”.
[1] Capitalmind Investec – “IT Services: A European M&A Deep-Dive”