Nasstar ranked 14th fastest-growing firm in Shropshire
In news / By Lydia Cooper / 03 October 2017
Telford based managed IT specialist, Nasstar has been ranked the 14th fastest-growing business in the county according to a report by accountancy giant BDO.
The report is a Growth Barometer for Shropshire, a study which tracks the growth of the leading performers in the county based on three years’ turnover figures. Not only did Nasstar reach 14th place but it was also the highest ranking technology company to be included.
Established in 1999, Nasstar started out as a company called e-know.net founded by David Redwood. In 2014, after a period of successful organic growth, the business embarked on its acquisition journey adding Nasstar via reverse takeover and bolstering revenues to in excess of £9 million. The combination of Nasstar and e-know.net created a strong platform for growth from which to create clear shareholder value and led the way for the subsequent acquisitions of Kamanchi, Vesk and more recently Modrus in 2016. Each acquisition has brought a unique and strategic benefit to the business such as technical capability, vertical market diversification, sector expertise and international expansion.
2016 saw the successful execution of an enhanced marketing plan which saw the relaunch of the Nasstar brand and consolidation of e-know.net and Kamanchi brands. Modrus was consolidated shortly after and today the business has a turnover of close to £19 million and a growth strategy that is predicted to reach £25.6 million at the end of 2017.
Nasstar’s latest interim results showed an impressive 47% revenue growth compared to the same period last year and recurring revenue now represents 90% of total revenues.
Nasstar’s CEO, Nigel Redwood commented:
“I’m delighted to see Nasstar listed in this report, this really is something to be proud of. There are thousands of fantastic companies in Shropshire that are much larger than Nasstar, therefore to be recognised shows consistent performance which wouldn’t be possible without the hard work of our teams and the loyalty of our customers. Also, to be the fastest growing technology company in such a fast-paced industry is testament to our longevity in the cloud, as well as the experience and innovative work our team deliver on a daily basis.”