Pine Services Group has confirmed its acquisition of Evolution Business Systems (EBS), a 25-year-old Melbourne-based Microsoft Dynamics 365 Business Central partner, effective September 1, 2026. The deal, announced through Pine’s newsroom, extends the Evergreen-backed roll-up’s Australian footprint following its earlier acquisition of Stratus Consulting Group.
The deal
EBS is a Heidelberg, Victoria-headquartered Microsoft solutions partner founded in 2001, with a client base spanning SMBs, nonprofits, government agencies, healthcare providers, educational institutions and associations. Beyond core Business Central implementation and support, EBS carries a stack of adjacent Microsoft-ecosystem tools: EBS-Plus, Jet Reports, Continia Document Capture, Continia Expense Management, and the Eftsure Marketplace extension. The firm has picked up the Jet Reports APAC Partner of the Year award four times since 2021.
As with Pine’s other acquisitions, the structure preserves EBS’s brand and leadership. CEO Jonathan Martin and the existing team stay in place, and EBS will continue operating under its own name with its “EPIC” values framework intact. Pine CFO Joel Johnson framed the acquisition around EBS’s growth consistency and technical credibility rather than a turnaround story, language that echoes Pine’s messaging on prior deals: buy stable, well-run VARs and layer on capital and knowledge sharing with other Pine companies rather than integrating them into a single operating brand.
What it means for the market
For the Business Central channel, this is the clearest signal yet that Pine’s Australian strategy isn’t opportunistic. Two acquisitions in relatively close succession, both landing on Microsoft-stack VARs, indicate Pine is building density in a specific geography and platform rather than assembling a generalist portfolio. For competing roll-up acquirers eyeing APAC, the window to pick up independent, long-tenured Business Central partners with strong customer retention is narrowing.
For the roll-up model generally, EBS fits the now-familiar Pine playbook: acquire, preserve the brand, keep leadership, layer in capital. That consistency is the story here more than the transaction itself. Whether decentralized “hold the brand, add the resources” roll-ups outperform more consolidated competitors over a full cycle is still an open question, but Pine’s willingness to keep repeating the model in a single market suggests early results are giving them enough confidence to keep buying.
