N10C Acquires 3 MSPs, Targets €40M Revenue with ISAI Backing

N10C, a newly formed entity backed by ISAI, has strategically initiated its consolidation play in the managed IT services (MSP) sector with three immediate acquisitions. The company aims to rapidly scale, projecting €40 million in revenue by the close of 2026, with ambitions to reach €200 million within five years. This aggressive expansion is fueled by a vision to create a national leader by integrating regional MSPs, enhancing their capabilities in IT, cybersecurity, and artificial intelligence for small and medium-sized enterprises (SMEs) and mid-market companies.

The initial acquisitions bring Dataouest and Fautech, both based in Normandy, and Apixis from Toulouse, into the N10C fold. These firms collectively serve over 1,000 clients and employ 50 professionals. The strategy, inspired by successful US consolidation models, focuses on empowering established regional players. N10C intends to preserve the acquired companies' local identities and client relationships while providing them with the operational and financial leverage of a larger group.

Founded in 2025 by a trio of entrepreneurs with complementary backgrounds – Ziad Saleh (ex-Keensight Capital), Nicolas Lukasiewicz (ex-Batibig), and Hugo Porcher (ex-Choco) – N10C is designed to aggregate proven regional IT service providers. The founders emphasize a partnership model where acquired leaders become shareholders, actively contributing to the group's growth while retaining management autonomy. This approach aims to foster a unified national presence built on strong local foundations.

The managed IT services market is experiencing significant tailwinds, driven by increasing demand for specialized IT support, robust cybersecurity measures, and the integration of AI technologies. SMEs and mid-market firms, often lacking in-house expertise and facing evolving regulatory pressures like NIS2 and DORA, are increasingly relying on MSPs for comprehensive IT solutions. The global managed services market is projected to grow substantially, with various reports indicating compound annual growth rates exceeding 10% in the coming years, underscoring the strategic timing of N10C's market entry.

N10C's operational model includes a shared services platform designed to streamline processes, particularly through AI-driven automation. This initiative aims to boost efficiency and service quality, allowing the acquired companies to focus on client needs and strategic development. The group is actively pursuing additional acquisitions, with several more expected to finalize before the end of 2026, further accelerating its path toward its ambitious revenue targets.

The backing from ISAI provides N10C with crucial financial and strategic support. ISAI's involvement signifies confidence in the consolidation strategy and the potential for creating a dominant player in the French MSP ecosystem. The founders highlight the growing need for MSPs to scale and invest collectively to meet the escalating demands for cybersecurity and AI solutions, positioning N10C as a key enabler for regional IT service providers navigating this dynamic market.