Managed Service Provider, >80% Recurring Revenue

IT support and cloud solutions Managed Serviced Provider (MSP) for small and medium-sized businesses with a track record of over a few decades in the Miami area. The company offers a full stack of customized support IT services, including onsite and remote help desk support services, monitoring and alerting of critical infrastructure, patch management, and vulnerability scanning of key infrastructure with a focus on cybersecurity. The company has more than three decades of experience assisting small businesses in migrating to a Cloud environment; they have generated more than $1.5m in revenue in the TTM to March###-###-#### % YoY growth) and have increased their seller discretionary earnings to $547k vs $400k in 2020 (+41% increase). Recurring revenue from technology and cloud services subscriptions is more than 80%, with the top 5 clients (majority on subscriptions) accounting for 48% of last year’s revenues. Team: In addition to the company owners, the company employs: • 2 administrators • 2 technicians on client sites • 5 technicians for customer and project services Services and Clients: The company provides a full stack of IT services that includes onsite and remote help desk support services both on Windows and MAC platforms, monitoring and alerting of critical infrastructure, patch management, vulnerability scanning of key infrastructure with a specialization in a very comprehensive cybersecurity stack. Amongst their partners & certifications: include Microsoft (Gold certified partner and small business specialist), Dell, HP, Cisco, and Vmware. They serve about 70 clients, with many of the top five providing recurring revenue at more than 80% based on one- to three-year managed services agreements. Clients include law firms, financial services firms, healthcare organizations, tourism businesses, retailers, and many more. Reason for Selling: The owners are ready to retire and hand over the business to the right buyer who can take advantage of many growth opportunities in the MSP space. They are willing to assist the buyer during the transition period entirely, and one of the owners can work for 3-6 months on the operations, technical, and partner relationship side.