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.
Follow us on:
Share on:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Otago Daily Times
14 hours ago
- Otago Daily Times
Investment adviser aiding the community
She's a woman on a mission to help others, whether through her job as a financial adviser or via service organisation Rotary. Business editor Sally Rae talks to April Eden. Meet April Eden from Dunedin — and yes, that really is her tagline. The rhyme is on purpose and this powerhouse is hot on her own purpose, particularly helping women build confidence with money and take control of their financial futures and flying the flag for service organisation Rotary as a vehicle to do good in the world. English-born but Dunedin-proud, her road to becoming an investment adviser might not have taken a traditional trajectory but she was determined to show her daughters she could achieve something and make her mark on the world. It was when her first child was young that Mrs Eden, 33, decided she did not want to be "another statistic". Having quit secondary school at the beginning of year 12, she worked in hospitality. At 19, she became pregnant and, while "not quite a teen mum", she felt she was still not a full mum in the eyes of society. With creative flair, she had initially thought she would pursue something like graphic design but at 23 found her aptitude in accounting. When she decided to return to study, backed by her supportive partner, she did not want to commit herself, knowing that secondary school and herself did not agree with each other. So, she did a certificate of business administration at Otago Polytechnic and discovered it was very different from secondary school — "you're in charge of yourself". Having enjoyed that, she later completed a Bachelor of applied management, switching majors from marketing to accounting, at the polytechnic. Those early years were a whirlwind which included getting married, having a second child and buying and selling several houses. While studying, she was one of three New Zealand-based students selected to take part in a student workshop held as part of an entrepreneurs' summit in China in 2018, coincidentally all three coming from Otago Polytechnic. But then she could not find a job as an accountant, despite "interviews galore" all over the country. She specifically wanted to get into audit and risk, with a desire to know how businesses worked, but interviews would indirectly raise the matter of her having two children, questioning how she was going to manage the travel. Also, she was getting blank looks when she asked what the career path looked like for her three years down the track. After potentially uprooting her husband, children and life, she did not want to be uplifting them again in three years' time and she wanted to show loyalty to a company — somewhere she could "grow with them". It was when she got an interview for a private wealth assistant at Craigs Investment Partners that she was shown exactly what a 10-year career path looked like. She started there in 2018 and has worked her way up, next January marking four years as an adviser. Bubbly, colourful and a straight talker, Mrs Eden admitted she loved her job. "It sounds really corny, but no two days are the same, there's so much variety in a day." Ultimately, it was a job that was all about relationships and, with a love of people, that flowed through to her extracurricular passion which was Rotary. She did not want to be seen as "just another investment adviser". And when clients or potential clients searched her name, she did not want it to solely come up with her business profile. She wanted it to come up with all the things she was doing in the community that she was passionate about, so they could feel like they were getting to know her a little before they came to see her — "an ordinary person with a pretty cool job, that I actually do care — and I do". President of Rotary Dunedin Central and on the board of District 9999, the Rotary district which covered the South Island, she said it was unfortunate the organisation had the perception of an "old man's club". Her club was 50% female, and the average age was late 50s. "There is still such a need for Rotary, arguably now more than ever," she said. This year, a team from Ignite Consultants Otago, the student-led voluntary organisation which offered free consulting services to not-for-profit organisations, worked with Rotary Dunedin Central. The team was charged with helping make the club more accessible and appealing to young professionals and worked closely with Mrs Eden. With only one of the students knowing what Rotary was before the project, they looked at it from a "completely outside perspective" with no preconceived ideas. Being able to take their suggestions back to the club and further afield was a chance to say "this is literally what young people are saying". For the younger generation wanting to do good in the world, Rotary — which has a seat at the United Nations — could be the vehicle to allow them to do that, she said. Mrs Eden was on a mission to help bring Rotary into 2025 and beyond by breaking the stereotypes, modernising the message and ensuring the organisation continued to do good for decades to come. It was a fine line to tread as she did not want existing members, who had so much wisdom and connections, to be alienated. But she was adamant the only tradition that Rotary had was that it "does good in the community". The organisation had lots of different club structures and options. While there were still some clubs which met weekly, there were also online clubs which did their project planning online, and some clubs which dealt specifically with one cause. "It's just that balance between reminding our existing Rotarians why you joined in the first place — because you wanted to do good in the community — and then telling the next generation that 'hey, we're here and we'll help you do these good things that are important to you now'," she said. Personally, Rotary had given her purpose, friendships, professional and personal development and the chance to make a real impact. Her club was very open to change and trying new things. It had three or four key fundraising projects a year; it helped with the Dunedin Brick Show, featuring all things Lego, at the Edgar Centre and the money raised went to a youth-oriented charity — last year it was Rock Solid. It has the Rotary book sale next month and it also sells pea straw. It bought a commercial washing machine for the Night Shelter and has helped re-establish gardens and an orchard at Bradford School and has also helped the astronomical society. "We recognise that the little guy needs help too. Buying a new laptop for an organisation ... could be the difference between them paying rent on a building they're using for a month or two," she said. Mrs Eden said, when asked how she managed to balance everything, that she worked very hard and she had a fantastic support system with her husband. When it came to resilience in leadership, she was inspired by her elder daughter, who was one of two children who went missing after a bush walk in the Mavora Lakes area in Southland in July 2023. They were found by a search party the following morning. Her daughter came out of that experience braver and even went skydiving for her 13th birthday. Watching her navigate that experience, Mrs Eden said she could not "be the scared person". "Leadership is not about how to avoid the storms, it's how you navigate them and how you bring the others through with you," she said.
Otago Daily Times
14 hours ago
- Otago Daily Times
Government-backed Frankton film studio fizzles out
The plug has been pulled on a government-backed motion capture and production studio in Frankton's Remarkables Park. Target3D New Zealand was planning to open the studio as a key tenant of the Queenstown Research & Innovation Centre after getting approval for a $2 million loan from a government regional development fund. Announced by then-economic development minister Stuart Nash in 2022, the Queenstown Digital Studio was intended to support virtual production through motion capture technology, game-engine servers, lighting, production equipment and staging. However, Gisborne-based Target3D NZ director Shannon Dowsing said he had to pull the pin two months ago after concluding the business model for the studio — and the rationale for taking up the loan — no longer made sense. It had relied on commercial screen industry production, research and development funding and education partnerships to come together, but each has faced major challenges, Mr Dowsing said. Although Queenstown is still busy with internationally-funded productions, spending by NZ on Air and Te Māngai Pāho has "significantly reduced" in the past three years. "It's highly competitive and existing players are very likely to be getting that funding." The company also has a specific R&D programme in mind for the resort town, but the government's scrapping of Crown entity Callaghan Innovation has made funding support "questionable". Another important component of the studio had been education, but it has not made enough progress with education providers to get that under way. Screentime NZ's setting up of a full-time production facility, Remarkable Studios, in the former H&Js department store in Remarkables Park last year meant Target3D could not justify investing in the equipment for a second studio. Mr Dowsing said he was not a believer in the concept of "if you build it, they will come". "We've been trying to solve all these challenges but, ultimately, we didn't feel it was a great time to be borrowing a couple of million dollars to invest in Queenstown in such an unstable market." However, he thought it would only be a matter of time before Target3D had a presence in the resort. "We've decided to go into the region organically and make decisions based on what actually can be done. I think we can achieve the same results, but without starting with a risky investment."
NZ Herald
14 hours ago
- NZ Herald
What Jim Rohn taught me about new beginnings
It's new beginnings for Nicky Rennie. Photo / 123rf Opinion by Nicky Rennie Whanganui-based Nicky Rennie returned to her home town in 2018 while celebrating three decades in broadcasting. She has written a column for the Whanganui Chronicle since 2021. Learn more There was a bloke called Jim Rohn. He was an entrepreneur, author and motivational speaker. I think I would have liked Jim. Jim struck me as a cup-half-full kind of guy. He also had one of the most brilliantly simple quotes I've ever heard. 'If you don't like where
