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Presidio CEO On AWS, Cisco, M&A And Biggest IT Bets
Mark Haranas
Bob Cagnazzi, CEO of $5.4 billion Presidio, explains his investments and strategy this year with AWS, Cisco, M&A and what’s driving the most sales growth in 2023.
What’s driving sales growth at Presidio in 2023?
We’ve seen great growth for the last three years in our cloud business, security, managed services business, and our professional services around cloud and our cybersecurity. That’s where our Lifecycle Services come in.
We’ve always been this high-level project provider for our clients. We do 11,000 projects a year with our average revenue, per client, is probably close to a million dollars because we’re doing these large-scale projects. We’re not selling a widget here or widget there. Ninety-five percent of our revenue comes from clients that are consuming our services. So we’ve always been tasked with the most critical, important projects. We’ve seen the uptake around that: clients are saying, ‘Listen, I want my IT resources to be focused on things that are really strategic. I want somebody to operate that entire infrastructure data and application layer for me.’ That’s what Presidio’s been doing and that’s how we’ve been growing.
If we look back four or five years ago, true recurring revenue was about 4 percent of our revenue streams. It’s about 20 percent today.
