Many expected the Snap IPO earlier this year to help drive more tech Unicorns into the public markets. Some have followed suit and listed, but to rather unimpressive results. One such company is IT solutions provider Presidio (PSDO).

Presidio’s Offerings

Presidio, formerly known as Aegis Holdings, was founded in 2003 by Pete Kocks. It was set up to provide professional and managed services for advanced IT Infrastructure solutions. In 2015, Presidio was acquired by private equity firm Apollo Global Management for an undisclosed sum.

Today, Presidio is a leading provider of IT solutions to the middle market in the US. It enables business transformation through its IT solution services. It has three key areas of operations –Digital Infrastructure, Cloud, and Security. Besides providing strategy, consulting, design and implementation related services, Presidio also offers its customers its expertise in project management, technology acquisition, and maintenance-related services. Presidio is well-respected in the enterprise world and as of June 2016, it had more than 7,000 middle-market, large, and government organizations as its customers spread across industries.

Presidio’s Financials

Presidio has seen strong revenue growth for its services. Since its 2012 fiscal year, revenues have grown at 11% compounded annual growth rates. For 2016, revenues grew 14% over the year to $2.715 billion. Digital infrastructure accounted for 76% of the company’s revenues followed by Cloud’s 15% share. Security services accounted for the remaining 9%. But the company continues to suffer losses, albeit at reducing levels. It ended fiscal 2016 with a net loss of $3.4 million compared with net loss of $29.4 million a year ago. Fiscal 2015 losses were higher as they still included the cost of the Apollo and Presidio merger. On an adjusted basis, for fiscal 2016, Presidio reported a net income of $81.2 million and an EBITDA of $211.1 million. For fiscal 2015, adjusted net income came in at $72 million and adjusted EBITDA was $184.8 million.