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TOP 100VERTICALMARKETMSPs 2022 EditionCopyright CyberRisk Alliance and ChannelE2E, 2022
Welcome & MethodologyWelcome to the Top 100 Vertical Market MSPs 2022 Edition. The research and correspondinglist are based on a worldwide survey of MSPs, conducted in Q4 2021 through January 2022.Rankings are based on annual recurring revenues in specific vertical markets for fiscal year 2021.This is our seventh-annual research report.The results reveal that the best vertical market MSPs easily grew faster than overallU.S. small business IT spending in 2021. Among the comparative data points to note: U.S. SMB IT spending (including products and services) grew 7.6% in 2021 over 2020,according to Techaisle. U.S. SMB IT services spending (excluding one-time product sales) grew 8.6% – driven bymanaged services, data/platform integration, cloud orchestration, and business processautomation, Techaisle found. In contrast, the Top 100 Vertical Market MSPs for 2022 increased their revenue 42% onaverage in 2021 vs. 2020, according to ChannelE2E. That growth (roughly 17 points higherthan usual) reflects heavy M&A activity coupled with snap-back 2021 spending after the initialcoronavirus-related business pressures in 2020.Participating MSPs: Primary Vertical Market Focus ancial Services/BankingGovernment8%Not for ProfitsyringeOther Instead of consolidating into fewervertical markets, MSPs diversified theirvertical market focus in order to minimizerisks from any one vertical sector.The biggest vertical market gainer wasmanufacturing (up 5 points). Amongthe likely reasons: MSPs are helpingmanufacturers to automate and safeguardsupply chains. Healthcare dipped(down 7 points) as the initial pandemicrelated IT boom eased a bit.8%LegalSource: ChannelE2E Top 100 Vertical Market MSPs, 2022 Edition2Top 100 Vertical Market MSPs 2022 Edition
Key FindingsCombined Vertical Market Recurring Revenues* The 100 MSPs lifted combined revenues in their top verticals to 3.05 billion, up roughly 42% from last year’s research. The largerthan-usual boost likely involved: 3.05B 2.14B202120201. The U.S. economy, which witnessed accelerated IT spendingin 2021 vs. 2020 as businesses adjusted to the “new extendednormal” of COVID-19.2. MSPs doubled down on the manufacturing vertical, wherecustomers spent heavily to navigate supply chain andcybersecurity business pressures.3. M&A deals, often backed by private equity firms, continued tounite several vertical market MSPs.Forty-nine of this year’s Top 100 honorees also appeared on lastyear’s list. That is lower than last year’s repeat honoree count (59). Thedip in repeat honorees reflects a larger base of MSPs participating inthe survey, coupled with previous honorees that have been acquired.What The Top 100 Manages* 2021 Play6.12020 Play3.1MILLION USERSMILLION USERSTop Vendors Empowering Vertical Market MSPs*46% Total exceeds 100% because multiple answerspermitted. Readers were asked to describe whichthree vendors most greatly assist their verticalmarket efforts. MSPs mentioned 50 differentvendors. The greatest gainer was SentinelOne,which is new to this year’s results.18%Microsoft ConnectWise(-12%)( ntinelOneFortinetTech Data( 9%)(-2%)(-5%)( 5%)(-4%)(NEW)(-1%)(NEW)Source: ChannelE2E Top 100 Vertical Market MSPs, 2022 Edition3Top 100 Vertical Market MSPs 2022 Edition
MSPs and CybersecurityTop Cybersecurity Services Offered Total exceeds 100% becausemultiple answers permitted.Essentially all of the MSP surveyparticipants offer some form of dataprotection and/or cybersecurityservices.96%Backup and Disaster Recovery (BDR)88%Endpoint Detection & Response (EDR)82%Managed Detection and Response (MDR)74%Vulnerability Assessments67%Incident Response Services66%Cyber Resilience57%Security Operations Center (SOC) as a Service49%Cloud Security Posture Management (CSPM)shield-check2%No SOC Yet49%Penetration Testing8%38%CompletelyOutsourcedeXtended Detection and Response (XDR)18%19%OtherHybridSecurity Operations CentersHow do you run and manage yoursecurity operations center?chevron-circle-rightThe SOC information is culled from our Top 250MSSPs research of 2021. That particular reporthighlights how MSPs and MSSPs continue tomix and match in-house and outsourced SOCcapabilities. See the completed Top 250 MSSPsreport here: e: ChannelE2E Top 100 Vertical Market MSPs, 2022 Edition4Top 100 Vertical Market MSPs 2022 Edition
Top 5 Financial Services MSPsVERTICALRANKCOMPANYWEBLOCATIONTOP .com/21178Thrivehttps://thrivenextgen. Foxborough, MAcom/Rob Stephenson, CEO31265Abacus Grouphttps://www.abacusgroupllc.com/New York, NYChris Grandi, eedham, MAKevin Routhier, Founder,President & CEO526TiG Data Intelligencehttps://www.tig.co.uk/London, UKDes Lekerman, CEOBoston, MADavid Andrade, CEOMoney-Bill-WaveMarket SnapshotGlobal enterprise IT spending in the banking and investment services market grew 7.1% to 596 billion in2021 vs. 2020, Garner found. IT spending is expected to generate a 6.5% compound annual growth rate(CAGR) through 2025, Gartner forecast. The five biggest IT trends in banking remain mobile, cloud, AI/machine learning, blockchain and overall CX (customer experience), according to Bernard Marr & Co.Still, U.S. commercial banks could suffer up to 254 billion of net loan losses from 2020 through the end of2022, Deloitte predicts. Amid that backdrop, the banking industry will blend cost reduction strategies andbusiness growth initiatives, Deloitte asserts. The other major unknown, as of this writing, involves Russia’sinvasion of Ukraine – and the associated financial market implications worldwide.ANALYTICSLeading MSPs inFinancial ServicesAverage Annual RecurringRevenue in Vertical: 16.7 million5GET TO KNOW A ssociation for Financial Technologyhttp://aftweb.com The American Blockchain andCryptocurrency Associationhttps://abcaonline.org/ F inTech Professionals Associationhttp://fintechpros.org/ F inancial Institution SecurityAssociationhttps://www.fisanet.com/ I ndependent Community Bankersof Americahttps://www.icba.org/Top 100 Vertical Market MSPs 2022 Edition
Top 5 Healthcare 019RANKCOMPANYWEBLOCATIONTOP EXECHanuhttps://hanu.com/Princeton, NJDave Sasson,Chief Strategy OfficerC Spire Businesshttps://www.cspire.com/business/Ridgeland, MSSuzy Hays,General ManagerNtiretyhttp://ntirety.com/Austin, TXEmil Sayegh, CEO8Konica MinoltaBusiness y, NJPatrick Banno,President and CEO11Medicus IT LLChttps://medicusit.com/Alpharetta, GAChris Jann, CEO10user-md-chatMarket SnapshotThe Digital Health Market is expected to reach 430.52 billion by 2028,generating a Compound Annual Growth Rate (CAGR) of 16.9% duringthe forecast period, according to Vantage Market Research. Meanwhile,healthcare IT spending grew 7.3% in 2021 to reach 124 billion, Gartner said.Healthcare providers remain focused on digital transformation leading toinvestments in software and IT services associated with cybersecurity, dataanalytics and virtual care, Gartner added.Leading MSPs in HealthcareAverage Annual Recurring Revenue in Vertical: 9.8 millionGET TO KNOW AHIMAwww.ahima.org HIMSSwww.himss.org6Top 100 Vertical Market MSPs 2022 Edition
Top 5 Manufacturing 452019RANK1752COMPANYWEBLOCATIONTOP EXECNet at Workhttps://www.netatwork.com/New York, NYAlex and Edward Solomon,Co PresidentsDYOPATHhttps://dyopath.com/Houston, TXRob Koch, CEOValid ManagedServices BVhttps://www.valid.nl/Eindhoven,The NetherlandsEric Hogenboom, CEOIntegrishttps://integrisit.com/ Cranbury, NJRashaad Bajwa, CEOSWK Technologies Inchttps://www.swktech.com/Mark Meller, CEOEast Hanover, NJMarketing SnapshotSpending on digital transformation in the manufacturing market will reach 767.82 billion by 2026, which represents a 19.5% CAGR from 2021, ModorIntelligence forecasts. Focus areas for increased spending span Robotics, theInternet of Things, 3D Printing, Additive Manufacturing and Cybersecurity.Major technology partners include Cisco, Microsoft, Intel, IBM and Siemens AG,the Modor study found.Leading MSPs in ManufacturingAverage Annual Recurring Revenue in Vertical: 4.3 millionGET TO KNOW Association for Manufacturing Technologywww.amtonlineonline.org Association of Equipment Manufacturerswww.aem.org UK Manufacturing Technologies Associationwww.mta.org.uk7Top 100 Vertical Market MSPs 2022 Edition
Top 5 Legal 2019RANKCOMPANYWEBLOCATIONTOP EXECFrontline ManagedServiceshttps://frontlinems.com/St. Louis, MOSeelin Naidoo, CEORicoh USA Inc.https://www.ricohusa.com/enExton, PACarsten Bruhn,President & CEOAfinetyhttps://afinety.com/St. Cloud, MNEd Grubb,VP of Legal Services65BMC Networkshttps://www.bmcnet- Vancouver, BCworks.ca/CanadaBrian Mauch, CEO90LAN Infotechhttps://www.laninfotech.com/Michael Goldstein,President15Fort Lauderdale, FLbalance-scale-leftMarket SnapshotLaw firms increased their technology spend by 7.1% during the 12-month periodthrough November 2021, according to Thomson Reuters. In particular, legal firmsspent more rigorously on IT systems that can manage and automate timekeeping,billings and collections. Also, spending on knowledge management and library servicesrose 4.6%, the survey found. Roughly 86% of lawyers now want to work remotely atleast one day per week – which is double the figure from pre-pandemic levels.Folder-openGET TO KNOW International Legal Technology Associationhttps://www.iltanet.org/Leading MSPs in LegalAverage Annual RecurringRevenue in Vertical: 10.5 million8 ABA Legal Technology Resource ts offices/legal technologyresources/ Association of Legal Technologistshttps://www.altnets.org/Top 100 Vertical Market MSPs 2022 Edition
Top 5 Government & Education NYWEBLOCATIONTOP EXECECShttps://ecstech.com/Fairfax, VAJohn Heneghan, President16Systems ServiceEnterprises Inc.https://www.sseinc.com/Saint Louis, MOElizabeth Niedringhaus,President & CEO340Network Outsourcehttps://www.networkoutsource.com/New Hyde Park, NYAdam Mahoney, President457General Informaticshttps://geninf.com/Baton Rouge, LADonald Monistere,CEO & President563Apex TechnologyManagementhttps://apex.com/Redding, CAScott Putnam, President5164shield-checkMarket SnapshotWorldwide government IT spending will likely reach 557.3 billion in 2022,up 6.5% from 2021, Gartner predicts. Spending on software (up 12%) and ITservices (up 8.4%) will lead the market forward. Some of the growth involvesthe American Rescue Plan Act of March 2021 and NextGenEU – both ofwhich will fuel IT funding on sustainable growth, social programs, education,cybersecurity, and digital inclusion, Gartner found.GET TO KNOW Educausehttp://www.educause.edu National Association of StateTechnology Directorshttp://www.nastd.orgLeading MSPs inGovernment and Education Association for Federal InformationResources Management, AFFIRMhttp://affirm.orgAverage Annual Recurring Revenue in Vertical: 70 million9Top 100 Vertical Market MSPs 2022 Edition
Top 100 Vertical Market MSPsCOMPANIES RANKED 1-202020RANKCOMPANYWEBLOCATIONTOP EXECKEY Fairfax, VAJohn Heneghan,PresidentGovernment(federal, state, local)222DoiT Internationalhttps://www.doit-intl.com/Santa Clara, CAYoav Toussia Cohen,CEOTechnologyHanuhttps://hanu.com/Princeton, NJDave Sasson,Chief Strategy OfficerHealthcare341010C Spire Businesshttps://www.cspire.com/business/Ridgeland, MSSuzy Hays,General nver, COEran Gil, CEOTechnology6eCloudvalley DigitalTechnology Co.https://www.ecloudvalley.com/Sanchong Dist.,New Taipei City,TaiwanMP Tsai, CEOTechnology7Net at Workhttps://www.netatwork.com/New York, NYAlex and EdwardSolomon,Co PresidentsManufacturing8Frontline ManagedServiceshttps://frontlinems.com/St. Louis, MOSeelin Naidoo, CEOLegalECIhttps://www.eci.com/Boston, MADavid Andrade, CEOFinancial Services/BankingNtiretyhttp://ntirety.com/Austin, TXEmil Sayegh, com/Foxborough, MARob Stephenson, CEOFinancial Services/Banking1265Abacus Grouphttps://www.abacusgroupllc.com/New York, NYChris Grandi, CEOFinancial Services/Banking1388Konica MinoltaBusiness y, NJPatrick Banno,President and CEOHealthcare14911Medicus IT LLChttps://medicusit.com/Alpharetta, GAChris Jann, CEOHealthcare15Anatomy IThttps://www.anatomyit.com/White Plains, NYThomas Telesca, CEOHealthcare16Systems ServiceEnterprises Inc.https://www.sseinc.com/Saint Louis, MOElizabethNiedringhaus,President & CEOGovernment(federal, state, local)171443ZAG TechnicalServiceshttps://www.zagtech.com/San Jose, CAGreg Gatzke,President & CEOFood & Beverage183035IT Authoritieshttps://www.itauthorities.com/Tampa, FLJason Caras, CEOFood & Beverage1918DYOPATHhttps://dyopath.com/Houston, TXRob Koch, gent.com/Needham, MAKevin J. Routhier,Founder, President &CEOFinancial Services/Banking1095Top 100 Vertical Market MSPs 2022 Edition
Top 100 Vertical Market MSPsCOMPANIES RANKED ONTOP EXECKEY VERTICALRicoh USA Inc.https://www.ricoh-usa.com/enExton, PACarsten Bruhn,President & CEOLegal19Fully Managedhttps://www.fullymanaged.com/Ottawa, OntarioCanadaMark Scott, CEOHealthcare26Focal PointSolutions Group,LLChttps://focalpointsg.com/Saint Augustine, FLRonald Venzin, CEORetail24Network CoverageLLChttps://www.netcov.com/Danvers, MATerry Ledger, CEO/PresidentAEC ps://cissdm.com/San Clemente, CAMatt Miller, President &Co-FounderRetail26TiG Data Intelligencehttps://www.tig.co.uk/London, UKDes Lekerman, CEOFinancial Services/Banking271717Valid ManagedServices BVhttps://www.valid.nl/Eindhoven,The NetherlandsEric Hogenboom, CEOManufacturing282223Creative okie, ILEli Webster, , CATim Britt, CEOHealthcare30IT By Designhttps://itbd.net/Marlboro, NJSunny Kaila, CEOTechnologySecurity Validation SecValMSPhttps://www.securityval.com/Fairfield, NJDavid Durko, CEOHospitality(hotels, s.com/Portland, ORMathew Lafrance,CEONot for et/Hoboken, NJJennifer .com/Abbotsford, VictoriaAustraliaChris Marshall,Founder & ManagingDirectorNot for profitAfinetyhttps://afinety.com/St. Cloud, MNEd Grubb, VP of an Angelo, TXWill Welch, CEOFinancial Services/BankingAscendTechnologies LLChttps://teamascend.com/Chicago, ILWayne Kiphart,CEOFinancial ranbury, NJRashaad Bajwa,CEOManufacturing39The AME Grouphttps://www.theamegroup.com/Vincennes, INMark Gerkin, CEOHealthcare40Network Outsourcehttps://www.networkoutsource.com/New Hyde Park, NYAdam Mahoney,PresidentEducation(K-12, ANY3620374021Top 100 Vertical Market MSPs 2022 Edition
Top 100 Vertical Market MSPsCOMPANIES RANKED P EXECKEY le, MDStephen Lewis, ChiefExecutive OfficerNot for profitCharter TechnologySolutionshttps://charterts.com/Brooklyn, NYSachin Gujral, Founderand dticity.com/homeSeattle, WAGerry Miller, Founderand CEOHealthcare444137ComputerResources ofAmericahttps://www.consultcra.com/New York, NYChico Ramnarayan,President and CEOFinancial m/Downers Grove, ILMike Rocco, CEOFinancial Services/Banking46NENS Inc.https://www.nens.com/Lowell, MAMichael Kourkoulakos,CEOLife Sciences47TDARX Inc.(dba NOCDOC)https://www.nocdoc.com/Winston Salem, NCStaale Swift, CEOMSP48Xantrion Inc.https://www.xantrion.com/Oakland, CAAnne Bisagno,PresidentNot for profit49Nucleus NetworksInc.https://yournucleus.ca/Vancouver, BritishColumbia, CanadaMartin DesRosiers,CEOAEC (Architecture/Engineering/Construction)50Accent ComputerSolutions Inc.https://www.accentonit.com/Rancho Cucamonga,CAMarty Kaufman,CEOHealthcare51Uprise Partnershttps://uprisepartners.com/Portland, MEMalinda Gagnon,CEOEnergy (oil, gas,emerging, etc.)CloudHesivehttps://www.cloudhesive.com/Fort Lauderdale, FLJim Walker, CEOTransportation53CMIT Solutionshttps://cmitsolutions.com/Austin, TXBugra Gumus, CEOFinancial Services/Banking54Netgain TechnologyLLChttps://netgaincloud.com/St. Cloud, MNSumeet Sabharwal,CEOProfessionalServicesSWK TechnologiesInchttps://www.swktech.com/East Hanover, NJMark Meller, CEOManufacturing56The el, CAFadi Abdallah, CEOManufacturing57General Informaticshttps://geninf.com/Baton Rouge, LADonald Monistere,CEO & PresidentGovernment(federal, state, local)58iVedha Inc.https://ivedha.com/North York, OntarioCanadaKumar Ratnam,CEOInsurance59Vistem Solutions Inc.https://www.vistem.com/Irvine, CARodney Shook,PresidentTransportationBMC Networkshttps://www.bmcnetworks.ca/Vancouver, BritishColumbia, CanadaBrian Mauch, CEOLegal52556012COMPANY2545445265Top 100 Vertical Market MSPs 2022 Edition
Top 100 Vertical Market MSPsCOMPANIES RANKED LOCATIONTOP EXECKEY VERTICALComTec ter, NYRob Moyer, PresidentManufacturingNetwork Doctorhttps://www.networkdr.com/Englewood Cliffs, NJPaul Hilbert,PartnerHealthcareApex TechnologyManagementhttps://apex.com/Redding, CAScott Putnam,PresidentGovernment(federal, state, local)IBSRE (IntegratedBusiness Systems)https://ibsre.com/Totowa, NJMichael Mullin,President/CEOReal Estate655390LAN Infotechhttps://www.laninfotech.com/Fort Lauderdale, FLMichael Goldstein,PresidentLegal666271ACE IT Solutionshttps://aceits.net/Elmwood Park, NJWarren Finkel,Managing PartnerFinancial pringfield, MOTom Douglas,CEOFinancial /Bridgeville, PABruce Nelson,PresidentHealthcare68696880GO Concepts Inchttps://www.itfordd.com/Lebanon, OHJohn Gambill Jr, CEOGovernment(federal, state, local)706591Acumen le, TNSonny Clark, CEOFinancial etterworldtechnology.com/Reston, VAJames Kenefick,Chairman / CEONot for zeclan.com/Pune, IndiaVaroon Rajani, CEOFinancial Services/Banking736369Skynet ia, OHDana Bowling, CEOManufacturing74Island Tech Serviceshttp://itsg.us.com/Ronkonkoma, NYROBERTGRONENTHAL, CEOGovernment(federal, state, local)75Sky.One Solutionshttps://www.skyone.solutions/Sao Paulo, BrazilRICARDO BRANDAO,CEORetail76Millennium IT DBACass Techhttps://www.cass-tech.com/Farmington Hills, MIRob Stants,Executive IT DirectorLegal77CSP Networkshttps://www.cspnetworks.com/Irvine, CAMichael Chen,President/COOManufacturing78Valeo Networkshttps://www.valeonetworks.com/Rockledge, FLTravis Mack, CEOManufacturing79AscendantTechnologies Inc.https://ascendantusa.com/Somerset, NJMichael eshttps://www.cortrucent.com/Gibbsboro, NJShane Henszey,PrincipalHealthcare8013COMPANY92Top 100 Vertical Market MSPs 2022 Edition
Top 100 Vertical Market MSPsCOMPANIES RANKED OP EXECKEY VERTICALNumata Business IThttps://www.numata.co/Johannesburg,Gauteng,South AfricaJakobus Koorts,Chief Executive OfficerFinancial Services/BankingProServeIT Corphttps://www.proserveit.com/Mississauga, Ontario,CanadaEric Sugar, CEOManufacturing83Network Builders IThttps://nbit.com/Modesto, CABill Bunnell, .com/Mt. Holly, NJTerrence Rossi, om/Sterling Heights, MICurtis Hicks II,President & CEOHealthcare86Valuementor Infosechttps://valuementor.com/Manchester, UKBinoy Koonammavu,CEOInsuranceDP Solutionshttps://www.dpsolutions.com/Columbia, MDKaryn Schell, PresidentNot for profitSpliceNet Consultinghttps://www.splice.net/Cincinnati, OHJim Gast, PresidentLegal89US itekhttps://www.usitek.com/Tonawanda, NYDavid Stinner,PresidentManufacturing90Intelligent TechnicalSolutionshttps://www.itsasap.com/Las Vegas, NVTom Andrulis, CEONot for profitTexas SystemsGrouphttps://www.txsg.com/Austin, TXDavid Doran, CEOHealthcareAlcon DTShttps://alcondts.com/Austin, TXEDUARDOCONTRERAS, .it/New York, NYJim Moreo, PrincipalLegal94DCG TechnicalSolutions LLChttps://www.dcgla.com/La Canada, CABrent Whitfield,PresidentManufacturing95360 SOChttps://360soc.com/Phoenix, AZChris Ichelson, CEOFinancial Services/BankingGlobal Data Systemshttps://www.getgds.com/Lafayette, LAChris Vincent,PresidentHealthcareAnchor /Columbia, MDPeter Dietrich,President & CEONot for profitComputer TransitionServices Inc.https://www.ctsinet.com/Lubbock, TXMichael Vaught,Senior Vice PresidentGovernment(federal, state, local)ExcalTechhttps://excaltech.com/Lake Barrington, ILMatthew McCann,Chief Operating OfficerGovernmentFortify 24x7https://www.fortify24x7.com/Point Roberts, WAJeremy Murtishaw,CEO and 798891169910014COMPANY7481Top 100 Vertical Market MSPs 2022 Edition
Engaging withChannelE2EChannelE2E, a CyberRisk Alliance resource, guidesIT service providers from entrepreneur to exit.The goal: Mitigate MSP risk while maximizing profits.WEBCASTS: www.ChannelE2E.com/webcastsRESEARCH: ISTER SITE: www.MSSPalert.comFor more information please visitwww.channele2e.com/contact-usCopyright CyberRisk Alliance LLC, 2022
5 Top 100 Vertical Market MSPs 2022 Edition ANALYTICS Top 5 Financial Services MSPs VERTICAL RANK 2022 RANK 2021 RANK 2020 RANK COMPANY WEB LOCATION TOP EXEC 1 9 3 7 ECI https://www.eci. com/ Boston, MA David Andrade, CEO 2 11 7 8 Thrive https://thrivenextgen. com/ Foxborough, MA Rob Stephenson, CEO
