SYDNEY, AUSTRALIA: Superloop Limited (ASX:SLC) has entered into a conditional sale and purchase agreement (SPA) to acquire Acurus Holdings Pty Ltd, a Melbourne-based white label and technology firm (Acurus).
The acquisition will allow Superloop to expand white label broadband relationships and profitable growth in its subscriber base.
Acurus is an Australian company providing technology services for some of the country’s largest and most successful businesses. Acurus’s white label platform and services support the Internet offerings behind major brands such as Energy Australia and OfficeWorks.
Other household brands, including Bakers Delight, Zen Energy, Roy Morgan and Hume Bank, have accessed Acurus’ Managed service offerings, SD-WAN and Cyber Security Services.
Consideration for the acquisition is AU$15 million (before customary completion adjustments), comprising AU$12 million in cash and AU$3 million in Superloop
shares.
The vendors may also be entitled to ‘earn out’ payments, subject to meeting
certain stretch targets related to EBITDA performance and operational milestones of the business in the period after completion (capped at AU$20 million, including up to AU$4 million in Superloop shares).
The acquisition will be funded from Superloop’s existing cash reserves and placement capacity under the Listing Rules. Subject to satisfaction of the conditions precedent to sale, Superloop expects to complete the acquisition in July 2022.
The acquisition of Acurus is expected to be immediately accretive to Superloop in FY23.
The acquisition, which includes both the Acurus Anex white label platform and
the company’s Managed Services Provider (MSP) business, is consistent with Superloop’s strategy to build scale as a challenger provider of integrated telco services in the Australian market.
Customers on the Acurus white label platform will be able to leverage Superloop’s high-speed network and nbn connectivity.