IT consulting group Atturra raises $25 million through IPO
Fast-growing IT services and consulting group Atturra has raised almost $25 million following its IPO on the ASX, the majority of which will go toward its ambitious expansion agenda in the region.
Shortly after its recent rebranding from FTS Group, information technology services and consulting firm Atturra has made its debut on the Australian Stock Exchange (ASX), raising almost $25 million through its initial public offering. Listed under the ticker code ATA, the issue price of $0.50 per share implies a company market cap of around $100 million, with the bulk of the funds raised to be put towards its continued expansion plans.
“Our IPO marks another major milestone in Atturra’s history as we look to capitalise on the large addressable market and considerable industry tailwinds in Australia’s IT services market,” said Atturra CEO Stephen Kowal of the IPO. “We see considerable existing and near-term growth opportunities within the business and aim to grow both organically and inorganically to become a significantly larger business than we are today.”
Established in 2015 as FTS, the Sydney-headquartered consulting group recently switched to the Atturra moniker, to better reflect the growing number of businesses under its umbrella and their increased collaboration. Atturra now consists of eight subsidiaries, including last year’s acquisitions of Canberra-based management consultancy Noetic and defence consulting specialist Mentum, together with higher education specialist ESAM Consulting.
“Atturra has grown rapidly since its inception, building its knowledge and technology expertise to maintain a competitive and defensible position with clients” Kowal continued. “This knowledge underpins the Atturra business model. We will continue to target high growth industries where Atturra can build a sustainable and long-term advantage. Our goal is simple, we want to be one of Australia’s largest IT solutions providers.”
According to a financial statement signed off by auditor PwC, Atturra last year brought in revenues of close to $100 million to the end of June, up from $76 million the year prior despite the ongoing challenges of Covid-19. With strong trading in the back half of the year, Atturra is forecasting another significant bump to over $125 million for this financial year, driven by a headcount of around 550 professionals spread across the country.
“I’m particularly proud of the long-term client relationships we’ve built across the private and public sector and multiple industries,”concluded Kowal. “The experience, expertise and knowledge that Atturra shares with its clients results in a very high retention rate, with 49 of our top-50 clients in FY19 remaining active today. The funds raised as part of the offer will allow us to accelerate our growth plans and continue to deliver the highest quality of customer experience.”
