International fast-growth web hosting business MIss Group has completed its first acquisition of 2023 – web hosting specialist Sered, to further expand its footprint across Spain.
Joining Miss Group’s existing brands in the Spanish market, ProfesionalHosting and ADW, Sered is one of the country’s most established providers of web hosting products, servicing over 25,000 customers with FY22 billings of c. €2.5 million. With strong growth across each of these three brands, total FY23 billings across the expanded Spanish portfolio are targeted at + €10 million.
Launched in 2009 and headquartered in the Spanish city of Ourense, Sered operates under a co-location model – owning its product infrastructure while renting data centre space to house its servers in Madrid and Barcelona – providing flexibility to scale and better latency for customers’ websites. Its web hosting products range from low value shared hosting packages, through to cloud hosting packages for larger corporations.
Miss Group’s ambitious growth trajectory saw proforma billings for the year ending December 2022 reach €90 million with a 45% EBITDA margin, with excellent billings momentum heading into FY23.
Commenting on the deal, Mattias Kaneteg, Miss Group’s founder and head of M&A, said: “2022 was an exceptional year of growth for the Group and we are starting 2023 in a strong position with the acquisition of Sered, expanding our portfolio of brands to further enhance our international service offering for customers. We have a healthy acquisition pipeline building, and we welcome conversations with ambitious web hosting and associated service businesses that are looking to take the next step.”
Sered’s team of 25 staff will join Miss Group’s team of over 350 people, adding to its customer base of >700,000 businesses globally in the Nordic and DACH regions, Europe and North America.
A cross-border team led by Corporate partner Matt Canipa, and Rocío García, Legal Director of Madrid Corporate department, advised on this deal. The team was completed by Mona Mojtabavi, Alejandra Castañeda and Jorge Boguña, associates in Manchester and Madrid Corporate team.