Portland, Oregon, April 26, 2022 —
Convergence Networks ranks among the world’s Top 100 Vertical Market MSPs (http://www.channelE2E.com/top100) for 2022, according to ChannelE2E, a CyberRisk Alliance resource.
The annual list and research identify and honor the top 100 managed services providers (MSPs) in healthcare, legal, government, financial services, manufacturing, and additional vertical markets. Moreover, the research affirms that vertical market MSPs have vastly expanded their managed security capabilities.
This year’s research revealed several key MSP business, security, and market trends. Key takeaways include:
- Surging MSP Revenues: Honorees generated a combined $3.05 billion in vertical market annual recurring revenue (ARR) in 2021, up 42% from $2.14 billion million in 2020. The surge involved extremely strong MSP merger and acquisition (M&A) activity; accelerated demand for cloud & cybersecurity services; and successful MSP pivots amid the continued COVID-19 pandemic.
- Key Verticals: The most successful vertical market MSPs are zeroing in on healthcare and manufacturing, with continued strong interest in financial services, legal and government opportunities.
- Managed Security Services: All of the honorees offer some form of managed security services – particularly backup and disaster recovery (96%), endpoint detection & response (EDR, 88%) and managed detection and response (MDR), 82%). Moreover, the MSPs increasingly focus on emerging areas such as Cloud Security Posture Management (CSPM, 49%) and eXtended Detection and Response (XDR, 38%).
- End-Customer Reach: The Top 100 Vertical Market MSPs now manage more than 6.1 million users across their customer sites as of 2021, up from 3.1 million in 2020.
- Top 10 Strategic Technology Partners: MSPs consider their top vertical market technology partners to be Microsoft (46%), ConnectWise (18%), Datto (18%), Cisco Systems (15%), Dell Technologies (14%), Ingram Micro (13%), Amazon Web Services (10%), SentinelOne (10%), Fortinet (9%) & Tech Data (7%).
Convergence Networks was ranked among the top vertical market MSPs in the Not-for-Profit category.
“We are honored to be on the ChannelE2E’s Top 100 Vertical Market MSP list in the Not-for-Profit Category” said Mat Lafrance, CEO Convergence Networks. “Our primary focus is to Empower People by ensuring we have a happy and focused team to create an amazing IT partner.”
The ChannelE2E Top 100 Vertical Market MSPs list and research are overseen by Joe Panettieri (@JoePanettieri), executive VP and editorial director of ChannelE2E. Find the online list and associated report here: http://www.channelE2E.com/top100
About Convergence Networks
Convergence Networks is an industry-leading managed IT and cybersecurity service provider in North America. With over 20 years of success, it is focused on attracting talented and passionate people who work with their SMB clients as strategic partners to drive results. They offer a full spectrum of solutions covering strategic planning, end user support, cloud, cybersecurity, hardware, and project-based services. For more information, visit https://convergencenetworks.com/.
ChannelE2E (www.ChannelE2E.com), a CyberRisk Alliance resource, is the leading digital destination for MSPs, IT service providers, channel partners and strategic investors seeking to maximize their business valuations, mitigate business risk and maximize security — from Entrepreneur to Exit.
About Cyber Risk Alliance
CyberRisk Alliance (CRA) is a business intelligence company serving the high growth, rapidly evolving cybersecurity community with a diversified portfolio of services that inform, educate, build community, and inspire an efficient marketplace. Our trusted information leverages a unique network of journalists, analysts and influencers, policymakers, and practitioners. CRA’s brands include SC Media, Security Weekly, InfoSec World, Cybersecurity Collaboration Forum, our research unit CRA Business Intelligence, the peer-to-peer CISO membership network, Cybersecurity Collaborative, and now Identiverse, ChannelE2E and MSSP Alert.