Overview

Deal closed: February 2026
Oasis M&A mandate: Sell-side
Sectors: IT Managed Service Provider

Background & motivation

Platypus Networks is a Brisbane-based IT Managed Service Provider that serves small to mid-sized businesses in Australia with IT support, networking, internet services and private networks. Founding CEO Norm Bardell was ready to retire, though wanted to ensure his team and clients passed into responsible hands.

Challenges

The main challenge on this campaign was customer concentration. The client had almost 90% of his revenue from seven clients, of which over 50% of his revenue was from one client. The second challenge was the quality of customer contracts, where much of the value of managed services business resides.  

Approach

We ultimately approached 97 targets who were predominantly trade acquirers with the remainder being private equity already invested in the IT space. Significant normalisations were required, as the business had long been run as a lifestyle business. 

Results

A delighted client.