Leading IT support and technology partner, IT Lab has been ranked within the top 50 of the world’s most progressive 501 Managed Service Providers (MSPs), according to Penton Technology’s ninth annual MSP 501 list and study.

This is the fourth year that IT Lab claims its place among the world’s elite, with MSPmentor raising the bar on last year’s criteria to add recurring revenues, growth rates and devices managed.

Also, for the first time, MSPmentor revealed the methodology used to rank individual companies that includes examining business models, technologies, vertical markets and customer segments that MSP companies engage most.

Peter Sweetbaum, CEO at IT Lab, said: “We are extremely proud to rank so highly in the MSPmentor Top 501, especially in light of this year’s new stringent criteria.

“IT Lab operates in one of the world’s fastest moving industries and we work tirelessly to ensure that our services continue to evolve and act as a business-enabler to shape our clients’ business strategies. We owe our success to our growth in the last 12 months, which saw two acquisitions that have expanded our geographical reach across the UK as well as increased our headcount from 160 to 330 people.”

Editor in Chief for MSPmentor, Aldrin Brown said: “The managed service provider market is evolving at a rapid pace and the companies showcased on the 2016 MSP 501 list represent the most agile, flexible and innovative organisations in the industry.”

The top MSP 501 companies collectively amassed $9.82 billion in sales in 2015 and increased their oversight to more than 5.6 million technology devices.

The MSPmentor 501 is an annual research report from MSPmentor and its owner, Nine Lives Media Inc., is widely considered to be the ultimate guide to managed services and the leading global destination for MSPs.

Written by Emily White