Atturra Enhances IT Solutions with Cirrus Acquisition

Atturra's acquisition of Cirrus Networks Holdings Limited (ASX: CNW) strengthens its position as a prominent Australian diversified advisory and IT solutions provider. This acquisition is set to transform Atturra's Managed Services offering, facilitating the delivery of recurring, multi-year services to their combined client base with expanded geographic coverage. Under the Revised Scheme, Cirrus shareholders will receive consideration of AU$0.063 per share, offering options for cash and share combinations. This represents a 53.7% premium to Cirrus' last closing price and is expected to be 8%+ EPS accretive to Atturra shareholders in FY24.

The acquisition enhances their strategic fit, operational diversification, and strengthens their government capabilities. It also brings value through cross-selling opportunities and operational scale. Cirrus's strength in Managed Services complements Atturra's recent acquisitions and extends their advisory services across mid-market segments. The deal is unanimously recommended by the Cirrus Board, with support from major shareholders. The transaction is expected to be implemented in December 2023, offering growth potential through enhanced operating scale and diversified service capabilities. This acquisition aligns with Atturra's vision to become a leading Australian IT solutions provider.

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