SYDNEY, AUSTRALIA: Atturra Limited (ASX: ATA) and MOQ Limited (ASX: MOQ) have entered into a binding Scheme Implementation Deed (SID) under which Atturra Holdings will acquire 100% of the ordinary shares in MOQ pursuant to a scheme of arrangement.

If the Scheme is implemented, MOQ shareholders will receive total cash consideration of $0.05 per MOQ share representing an equity value of MOQ of approximately $15.5 million.

The combination of the two companies creates one of Australia’s largest, nationwide, nationwide, IT Support, and IT Services businesses, enhancing the breadth of services able to be provided to customers and produces attractive growth opportunities for employees.

The proposed merger is consistent with the strategic objectives of both organisations, creating one of Australia’s largest IT Services businesses. Atturra for example foreshadowed in its Prospectus to potentially expand in the managed services area through acquisition, which is one of the key revenue streams for MOQ.

The transaction also provides significant opportunities to leverage each organisation’s collective expertise in Microsoft technologies, provides additional revenue opportunities across each organisation’s client bases and accelerates growth opportunities across all states and territories.

The combined group’s current and future talent will be able to benefit from the transaction, through access to a larger resource base and expanded service offering, leading to growth and development opportunities.

Atturra is experienced in integrating and growing organisations that it acquires. MOQ provides an opportunity to leverage that experience to accelerate long term strategy.

Commenting on the Merger, Stephen Kowal, CEO of Atturra, said: Atturra is very excited to have an Australian IT Services icon join the team. The combination of MOQ and Atturra accelerates Atturra’s growth and is a positive step towards the fulfillment of our Vision in becoming Australia’s leading IT Solutions and Advisory organisation.

This acquisition is directly aligned to our prospectus objective to expand our managed services through potential acquisition. Post-acquisition Atturra plans to invest heavily in the MOQ business to accelerate its growth, and to ensure that appropriate systems and practises are in place to support the growth.

We see this more as a strategic partnership allowing Atturra to grow its national presence across target industries. It also provides both teams with further access to growth as there is very little client overlap.

I am looking forward to working with the MOQ staff and believe we can provide them with a great future.”

Commenting on the merger, David Shein, Non-Executive Chairman of MOQ, said: “The Board of MOQ views the Atturra offer as a compelling opportunity for MOQ shareholders to realize immediate value for their shareholding.

We are confident that this merger will have a positive impact for both our existing and future customers by leveraging the combined group’s significant experience, product knowledge, IT expertise and resources.

The Atturra transaction will provide significant career opportunities for our staff and we look forward to the journey ahead”.