Perwyn-backed Miss Group, the fast growing international web hosting business, has continued its expansion in Europe with the acquisition of the Swedish web hosting business, CloudNet.
Headquartered in Stockholm, CloudNet was established in 2010 and has grown to become Sweden’s largest managed hosting company specialising in the Linux operating system. The business currently services c. 500 SME customers, primarily located in Sweden. In the year ending December 2021, CloudNet reported revenues of SEK25m.
The company will join Miss Group’s growing team of over 300 people, adding to its customer base of >700,000 businesses globally in the Nordic and DACH regions, Europe more generally, and North America.
In January Perwyn acquired Hoststar, one of Switzerland’s largest web hosting providers. That transaction followed one month after the acquisition by the Perwyn-backed business of another leading Swiss hosting provider; Webland.
Fredrik Björklund, co-founder and CEO of Miss Group, said: “CloudNet has established a fantastic reputation in the Swedish market, not only for its knowledge base and expertise but also for its customer service-led approach to supporting SME customers as their businesses grow. This is an approach that resonates with Miss Group’s own customer service-oriented model and where CloudNet’s expertise will complement our offering. As part of Miss Group, CloudNet will have unrivalled access to our international network of technical expertise, as well as a leading range of products and services to offer its customers.”
Andrew Wynn, Perwyn Founder and Managing Partner, added: “We have been delighted with Miss Group’s expansion and its financial performance. Its ambitious growth trajectory saw proforma revenues for the year ending December 2021 reach €66 million with a 43% EBITDA margin and it anticipates reaching €100 million turnover and a 45% EBITDA margin within the next 12 month. CloudNet takes the total number of acquisitions completed by Miss Group under Perwyn ownership to ten. We would like to congratulate the Miss Group team with their fantastic work, and we look forward to the company’s future accomplishments.”