Evergreen has acquired Australian managed service provider Office Solutions IT, in its largest ANZ acquisition to date.
Office Solutions IT, known as OSIT, will join Evergreen's Lyra Technology Group, which brings together managed IT services and software businesses. The transaction is Evergreen's first in the region involving a managed service provider with an existing employee share ownership plan.
OSIT has operated for nearly 30 years and supports 1,000 small and midsize businesses and more than 20,000 users across Perth, Sydney and Melbourne. The business has also grown through acquisitions, buying three managed service providers between 2022 and 2023.
It has recorded 10-fold organic revenue growth over the past decade, making it one of the larger managed service providers in Australia's mid-market IT services sector.
Regional expansion
The acquisition adds to Evergreen's push in Australia and New Zealand, where it has been building a presence through Lyra Technology Group. With OSIT, the portfolio now includes three businesses with employee ownership structures.
Managed service providers have drawn sustained buyer interest as companies seek recurring revenue, long-term customer relationships, and exposure to rising demand for outsourced IT support, cybersecurity, and cloud services. In Australia, the sector has also been consolidating as operators look to add scale and expand their geographic reach.
OSIT's national footprint and history of buying smaller peers suggest Evergreen is backing a business with an established customer base and experience integrating acquisitions. It serves small and midsize enterprises, a segment that increasingly relies on external IT providers rather than maintaining large in-house teams.
James Sutton, Chief Executive Officer of OSIT, said preserving the company's culture and ownership ethos was central to the sale process. "After spending a decade helping grow OSIT into what it is today, finding the right growth partner wasn't just about the financials; it was about preserving our culture and empowering our people for the next chapter," Sutton said.
"Evergreen understood our employees' wants and needs from day one, and its operating model-which is built around MSPs retaining their identity and independence-made them the obvious choice. We're well into that next chapter, and reality is being part of Evergreen is exceeding our expectations," he said.
Management model
Evergreen said its model allows acquired companies to retain their identity and management structure. That approach has become common among serial acquirers in technology services, particularly where founders want continuity for staff and customers after a transaction.
Waruna Kirimetiyawa, Regional Chief Executive Officer, ANZ at Evergreen, described OSIT as a business with scale, an established internal model, and a succession base for future leadership. "What excites me most about bringing OSIT into the group is the people and what they have built over time. This is a business that operates in the top tier of MSPs across ANZ, combining scale and efficiency with an exceptional culture and deeply embedded customer trust. They have developed a unique operating model that consistently delivers tailored outcomes for clients and, just as importantly, a strong foundation for the next generation of leadership. Our role is to support and amplify that by backing the team for their next chapter while preserving everything that makes OSIT special," Kirimetiyawa said.
Zaun Bhana, an M&A professional at Evergreen, linked the deal to a long-standing relationship with the OSIT leadership team. "I've been fortunate to know the OSIT team personally for over 15 years, back from when I was running my own MSP. I saw firsthand what they built, the growth, and how successful it has become. They operate in the top tier of MSPs across ANZ and have a unique business systems model and design that I have not seen replicated anywhere else," Bhana said.
"Now with Evergreen, the chance to provide a path for succession and backing them for the next chapter is a full-circle moment. They've proven how to combine scale and efficiency whilst retaining an incredible staff culture that aligns with their values and ethos. Wrapped together, this provides a service, offerings, and support tailored to each client's individual needs. This is exactly the kind of business that Evergreen was built to back," he said.
Sector backdrop
For founders of managed service providers, succession planning has become a growing issue as the industry matures and private buyers seek targets with stable contracts and specialist staff. Employee ownership structures can add complexity to transactions, but they can also help align incentives and support retention after a sale.
Sutton addressed that issue directly when discussing options for other business owners. "Reach out to Evergreen earlier than you think you need to. They can share practical advice, introduce you to the team you would work with after a sale, and connect you with other Evergreen-owned MSPs. Keep building a strong business and, when you feel ready, start a serious conversation with them. There's nothing to lose and everything to gain," he said.