Atturra acquires Exent in AUD $8 million deal to expand reach

Atturra Limited has completed the acquisition of Exent, an advisory and consulting services firm, through its subsidiary Atturra Holdings. The purchase involves an initial cash payment of AUD $6 million, with an additional earn-out or post-completion consideration of up to AUD $2 million, contingent on Exent meeting specific performance criteria in the first half of FY25. The total purchase price, including immediate and deferred payments, is based on a multiple of 6.5 times Exent's forecast EBITDA contribution to Atturra in FY25.

Exent, based in Brisbane, specialises in business transformation advisory and consulting services, covering people, technology, business processes, and data. Its projects typically span from strategic initiatives to implementation stages. This acquisition is intended to enhance Atturra's advisory and consulting reach beyond its traditional focus areas of Canberra and Defence, expanding its practice on a national level.

Stephen Kowal, CEO of Atturra, commented on the strategic significance of the acquisition. "There is an increase in businesses looking for a trusted advisor with the capability to help scope extensive technology change programs and then advise on this complex transformational activity," Kowal said.

"Atturra has worked with the Exent team through its Local Government and Education clients and is aware of its highly regarded reputation in advisory. They also have a specialisation in aged care and a growing capability in health."

Kowal further emphasised the alignment of the acquisition with Atturra's growth strategy. "As part of our growth strategy, we have been seeking the right opportunity to harness our strength, expertise and reputation in Canberra and Defence to expand our advisory business into the commercial sector. The acquisition of Exent with its complementary expertise gives us the perfect entry point. There is a strong cultural alignment between the two companies, and we look forward to welcoming Phil Fowdar and the Exent team to Atturra," he added.

Phil Fowdar, Managing Partner of Exent, shared his enthusiasm for the acquisition. "The leadership team at Exent is excited about this acquisition, which expands our capabilities and service offering to clients, and provides tremendous career opportunities to our team," Fowdar stated.

"Our depth in complex technology-enabled transformation and commitment to outcomes will be greatly enhanced by the resources and reputation of Atturra. We see enormous potential to bring our advisory capability to the breadth of Atturra's technology capabilities. With Atturra, we have a strong shared vision, backed by the scale and depth in business and technology transformation, to create a leading full-service firm with a difference."

The acquisition of Exent aims to leverage both companies' strengths, providing their clients with a broader set of advisory and consulting solutions. It positions Atturra to offer a wide range of services across various sectors, including local government, education, aged care, health, and the commercial sector. Additionally, the integration costs related to this acquisition are expected to be less than AUD $400,000.