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Atturra lists on the ASX raising approximately $24.8 million through its Initial IPO

By Ryan Morris-Reade
Tue 28 Dec 2021

Atturra has commenced trading on the Australian Stock Exchange (ASX) under the ASX code ATA. 

The company raised approximately $24.8 million through its Initial Public Offering (IPO), with an issue price of $0.50 per share, implying a company market capitalisation of approximately $100 million. It is forecasting FY22 revenue of $126.7 million, with a revenue CAGR of 23.5% from FY19 to FY21.

The majority of funds raised in the IPO will be used to execute its growth strategy, designed to build scale by focusing on growing its national presence across target industries and creating new service lines, headcount growth and revenue growth from its existing client base.

"Atturra has grown rapidly since its inception, building its knowledge and technology expertise to maintain a competitive and defensible position with clients," says Atturra CEO, Stephen Kowal.

"This knowledge underpins the Atturra business model and enables the company's consultants to design, implement and maintain IT solutions for its clients."

He says Atturra will continue to target high growth industries where Atturra can build a sustainable and long term advantage and where significant barriers to entry exist. 

"Our goal is simple, we want to be Australia's largest IT solutions provider with high engagement across industry, employees and clients," he adds.

Atturra is an Australian owned technology services business. It was formed in 2015 and designs, implements, and maintains IT solutions for many of Australias largest private and public entities. The technology company offers consulting, IT services and technology solutions to accelerate digital transformation in the growing Australian IT services market, with an estimated spend of $37.0 billion in 2021.

"Atturra provides expertise across a broad range; we specialise in-demand IT areas to deliver solutions to clients," says Kowal.

"We use transformative and market-leading technologies and business applications that enable digital transformation."

The company's technology strategy focuses on high growth technologies, for example, the Integration Platform as a Service (iPaaS) market with a CAGR of over 40% (2020-2025) or technologies where it can have a market-dominant position. It has also developed organically as a key partner to Microsoft, Software AG, Boomi and Smartsheet.

Atturra says its industry strategy is to focus on industries with either a high barrier to entry, such as Defence, which requires security clearances, or where there is no clear market leader. This is the case in local government, where Atturra is rapidly becoming a service provider of choice, growing to 90 local councils in FY21.

"Today 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," says Kowal.

"We see considerable existing and near term growth opportunities within the business and aim to grow both organically and inorganically to scale into a significantly larger business than we are today," he says.

"I'm particularly proud of the long term client relationships we've built across private and public sector and multiple industries. The client experience, expertise and knowledge that Atturra develops with its clients results in a very high retention rate, with 49 of our top-50 clients in FY19 remaining active clients today."

Kowal says the funds raised as part of the offer will allow the company to accelerate its growth plans and continue to deliver a high standard of customer experience to both new and existing clients.

The IPO was underwritten by the Joint Lead Managers Morgans Corporate Limited and Shaw and Partners Limited. Australia and New Zealand Banking Group Limited, operating through its Corporate Advisory division, acted as Financial Adviser and HWL Ebsworth acted as Legal Adviser to the company concerning the offer.

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