Stephen Kowal (Atturra)
Atturra, through its subsidiary Galaxy 42, has acquired Sydney-based human resources technology provider Silverdrop for roughly $3 million.
Publicly listed Atturra will pay $2.2 million cash and $500,000 in Atturra shares with an earn-out consideration of $600,000 if Silverdrop meets targets for the remainder of the financial year.
Founded in 2009, Silverdrop specialises in HR and payroll services that focus on assisting clients with the software applications chris21 and ichris. According to Atturra, Silverdrop has a loyal client base across key verticals.
Atturra CEO Stephen Kowal said Silverdrop’s expertise in chris21 is particularly appealing due to its use by local councils in Australia.
“It is an industry we know really well through the work we do around ERP and data integration, so I see a good opportunity to service our clients even more broadly,” Kowal said. “We look forward to bringing Silverdrop into the Atturra fold, as it is a trusted technology partner with significant experience delivering great outcomes to its clients.”
Kowal added that acquiring Silverdrop's business and assets aligns with Atturra’s industry and technology strategy.
Silverdrop CEO Gerard Barwell said the deal would provide “wonderful opportunities” for staff.
“The team at Silverdrop are excited about joining Atturra and the synergies that this opportunity presents,” he said. “Over the last 11 years, we have developed a strong reputation for delivering the highest quality service. Atturra and Silverdrop are strongly aligned with strong service cultures and proven track records in delivering successful outcomes for valued clients.”
“Our clients can look forward to continuing to receive the best service from our team while enjoying a wider selection of services that we will now be able to offer them,” he added.
Atturra recently acquired Somerville Group for $15 million in cash and 1,647,059 Atturra shares, giving the company access to the latter's enterprise-grade managed services including cloud, connectivity, modern workplace, security and hardware and software lifecycle management.
At the end of the first half of FY23, Atturra posted revenue of $82.8 million, a 33.8 per cent increase year-on-year for the period ended 31 December 2022.
