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June 10, 2024 9 mins

The May jobs report reveals strong hiring and wage growth, particularly in sectors like healthcare and government. Despite concerns about a potential rate cut by the Fed, the report indicates a stable economic environment with growing demand for tech talent, especially in AI-related and data science roles. This suggests a need for IT service firms to invest in upskilling their workforce to meet market demands.

Service Leadership's annual IT Solution Provider Industry Profitability Report highlights record growth rates for technology service providers for the fourth consecutive year. The report emphasizes the importance of adopting innovative technologies and improving business processes to sustain growth and profitability. Notably, there is a correlation between high customer satisfaction and profitability, with private equity-owned MSPs showing higher net promoter scores but non-PE providers performing better in certain financial metrics.

The episode also delves into the state of venture investing, noting a surge in AI-related deals but an overall decline in venture capital funding. The software-as-a-service sector is particularly affected, with enterprise customers cutting costs. The discussion touches on the longer recovery period, challenges faced by emerging managers, and the limited number of IPOs in the current market. This data-driven insight suggests a shift towards AI-driven investments and the need for providers to adapt to changing market dynamics.

Lastly, the episode explores the speculation surrounding ConnectWise's future, with rumors of a potential sale or IPO circulating. While ConnectWise's platform play with Asio is highlighted, the possibility of the company remaining private is also considered. The discussion points to a potential partnership between ConnectWise and N-Able, given their respective strategies and market positions. The evolving landscape of tech IPOs and alternative ways for investors to extract value indicate a shifting trend in the industry's financial strategies.


Four things to know today

00:00 May Jobs Report Shows Strong Hiring, Wage Growth, and Sector Gains

03:51 Service Leadership Data Shows Record Growth and Profitability for Fourth Consecutive Year

05:51 AI Investment Surge Highlights Shift in Venture Capital Priorities

06:41 ConnectWise's Future: Public, Private, or Platform Play?


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