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Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Evergreen Services Group’s 100th managed service provider acquisition was REDD, a Brisbane-headquartered IT services company. The deal closed on May 1, according to REDD CEO Brad Ferris’s account to CRN; the report does not state the year alongside that date. Coverage also places Evergreen’s scale at more than $1 billion, but the figure is described differently by CRN, ARN and Omdia, so those measures should not be treated as interchangeable.
Who was Evergreen’s 100th MSP acquisition?
It was REDD, an MSP headquartered in Brisbane, Australia. ARN reported on June 12, 2025, that REDD would continue operating independently within Lyra Technology Group, Evergreen’s MSP platform. CRN reported that REDD CEO Brad Ferris remained with the company and that about 60 employees joined Evergreen.
Ferris told CRN the transaction was about “evolving,” rather than leaving the industry. The companies did not disclose the purchase price or other detailed deal terms in CRN’s account.
What does the $1 billion milestone mean?
The coverage uses three distinct formulations. They describe reported scale, but the available accounts do not provide enough accounting detail to reconcile them into one figure:
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| Source | Reported measure | Qualification |
|---|---|---|
| CRN | Evergreen Services Group reached “$1 billion in revenue.” | The 2025 article does not specify a fiscal year, whether the amount is annual revenue, or a detailed accounting definition. |
| ARN | More than $1 billion in IT services revenue. | ARN said Pax8 recognized Evergreen as its first partner to generate that amount; the article does not define the accounting period. |
| Omdia | Lyra Technology Group reached $1 billion in annual recurring revenue in June 2025. | This is specifically Lyra ARR, not a stated revenue figure for all Evergreen platforms; the abstract’s publication date is not visible. |
Because the sources identify different entities or measures, the figures should be attributed as reported rather than combined. They do not establish Evergreen’s valuation, EBITDA, organic growth rate, or REDD’s purchase price.
How Evergreen describes its operating model
Evergreen says acquired businesses operate independently and that it works with each CEO to support growth. Its official website lists managed IT services, government IT services and application software partners among its areas of focus. These are company statements about its general approach, not independent evidence of portfolio-wide results or the specific REDD transaction structure.
Evergreen M&A advisor Craig Fulton described the approach to CRN as balancing acquisitions with organic growth. He also said the company identifies practices it calls “bright spots” and shares those lessons across its portfolio. Those comments describe Evergreen’s stated strategy; the reporting does not quantify the contribution of acquisitions versus organic growth.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the 100th deal says about Evergreen’s expansion
REDD followed a series of reported moves in the region. ARN said Evergreen acquired New Zealand-based Lancom Technology in January 2024, its first Australian MSP, Centered, in March 2024, and CT Group in December 2024, which it described at the time as Evergreen’s eighth Australian deal. Those earlier transactions provide context for the company’s regional growth; they are not terms or details of the REDD acquisition.
CRN described Evergreen as based in San Francisco, with a presence in the United States, Canada, the United Kingdom, Australia and New Zealand. Fulton told CRN the company was exploring other English-speaking markets and adjacent IT services, naming Ireland and the Nordic and Benelux regions as prospective areas. These were reported plans, not confirmation that Evergreen later entered those markets.
Omdia’s accessible abstract reported 47 confirmed acquisitions in 2025, some not publicly disclosed; a Lyra company page reproducing the abstract said 16 of the 47 were publicly disclosed. Omdia identified three operating platforms: Lyra Technology Group for MSPs, Pine Services Group for ERP partners and Cedar Solutions Group for government IT services. These figures concern Evergreen’s reported transaction activity and platforms, not the MSP acquisition market overall.
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What remains undisclosed
- CRN did not report REDD’s purchase price, valuation multiple or detailed deal terms.
- The CRN and ARN accounts do not define the accounting period or calculation behind their broad $1 billion revenue descriptions.
- The reported revenue and ARR figures do not establish a combined total across Evergreen’s platforms or how much growth came from acquisitions versus existing businesses.
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