Brisbane-based IT consultancy Exent acquired by Atturra for up to $8m

Founder-led IT consultancy Exent is set to join the growing portfolio of companies owned by Atturra (ASX: ATA) after striking a deal to sell the business for $6 million in cash with a potential $2 million earn-out.

Headquartered in Brisbane and with offices in Sydney and Melbourne, Exent is an advisory and consulting services firm focused on digital strategy and business transformation, and has worked with the likes of David Jones, Toll, Suncorp (ASX: SUN), Australian Country Choice and other major clients.

Sydney-based Atturra, which had traditionally catered heavily to government and defence customers, notes the acquisition at a 6.5x earnings multiple will help extend its services outside of Canberra.

The transaction is due for completion by the end of this month and is expected to incur integration costs of less than $400,000.

"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," says Atturra CEO Stephen Kowal.

"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.

"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."

Exent founder Joe Fazzari says that since inception his business has been on a mission to challenge and innovate the consulting space.

"On the back of great client outcomes and a superb team, we have delivered on our goals," he says.

"Ranking as Australia's 33rd fastest growing firm last year, we were looking carefully at our next stage of growth. A strategic acquisition made perfect sense, and Atturra was the perfect partner.

"Exent's capabilities in business transformation, complex technology advisory and implementation, process re-engineering and people change are perfect complements to Atturra's scale and depth in technology. Atturra is an excellent fit on capability, culture, and mission."

Fazzari adds that with this acquisition he aims to accelerate "Atturra's drive to become Australia's leading technology services firm".

Fazzari's sentiments are echoed by Exent managing partner Phil Fowdar.

"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," he says.

"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."

Kowal adds that Extent's complementary expertise gives Atturra the "perfect entry point" for expansion into new verticals.

"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 says.

Today's announcement follows the $49 million acquisition of Cirrus Networks that was completed December, as well as the company's purchase in the second half of calendar 2023 of regional NSW-based Sabervox for $7.5 million and Silverdrop for $3.3 million, with both figures including potential earn-outs.