What is meant by 'managed' hosting?
In a nutshell, where the management of the hardware, networks and the critical patching of your servers is the responsibility of another party.
A managed server is, if you like, your server but with extra features and support. It comes with the hardware, a choice of operating system, routing equipment and network connectivity. It will be set up and running for you. But, unlike any other level of hosting, a managed hosting provider will typically handle most of the administrative tasks on the server leaving you free to concentrate on your business.