ASX-listed Atturra is on the acquisition trail again, this time looking to buy Sydney human resources and payroll company Silverdrop.
The deal will be done through the technology service provider's subsidiary Galaxy 42, with an upfront cash consideration of $2.207 million in cash plus $0.5 million in Atturra shares.
An earn-out consideration of $0.6 million in cash, subject to Silverdrop achieving performance hurdles, is also on the table.
Silverdrop specialises in HR and payroll services with the technology the company uses, Frontier Software's Chris21 in particular, being widely used by local councils in Australia.
The Sydney company also supports Frontier Software's ichris (international comprehensive human resource integrated software).
Atturra chief executive Stephen Kowal said the acquisition of Silverdrop aligns nicely with the technology service provider's industry and technology strategy.
"This change will provide our staff with wonderful opportunities to learn and grow within a wider network of colleagues, and will enable us to continue to build strong partnerships in the payroll and HR services market place," Silverdrop founder and chief executive Gerard Barwell said.
"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 to them," he added.
Atturra which rebranded from FTS Group in 2021, has been on an acquisition spree as of late.
This year, the services company has bought Microsoft partner Hammond Street Developments in Melbourne, and Sydney's Somerville Group.
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