On 2 February, Logicalis USA, a subsidiary within the Logicalis International division, acquired Maple Woods Enterprises (Maple Woods). Maple Woods is a long-term partner of Logicalis USA, providing advanced cybersecurity and compliance services to support Logicalis’ managed security offering. Maple Woods has designed its services to meet the standards of the US defence industry and this acquisition brings Maple Woods’ expertise in-house. It also provides a platform for expansion into other US sectors. Deal details were not disclosed; we maintain our forecasts.

Westcon-Comstor has acquired REAL Security, a specialist distributor of cybersecurity products active in eight countries across the Balkans. This represents the division’s first foray into the region, adding to the 17 European countries in which it already operates. Transaction details were not disclosed and we maintain our forecasts. We view this acquisition as creating a foothold for Westcon-Comstor in the region where it can use its scale to accelerate REAL Security’s growth. In addition, it offers the potential to expand the vendor base for both REAL Security and Westcon-Comstor and, in the longer-term, could provide the foundations for a wider product offering.

Datatec reported strong growth in underlying volume, gross profit and adjusted EBITDA in H126, driving a 43% year-on-year increase in underlying EPS (uEPS). The company has benefited from growing demand for cybersecurity and the start of technology refreshes driven by AI adoption. These structural growth drivers support a positive outlook for the remainder of FY26 and into FY27, with management sounding the most optimistic it has in recent years. We have upgraded our forecasts to reflect better operational performance and the positive demand environment, lifting uEPS by 18.2% for FY26, 21.9% for FY27 and 24.6% for FY28.