Technology services provider Atturra has announced that its acquisition of Hammond Street Developments (HSD) is now complete.
Atturra said it was putting $6.5 million on the table for HSD, a Microsoft partner in Melbourne that provides sevices to the government sector in January this year.
The deal comprises $6 million cash, and half a million in shares.
An earn-out consideration of $2 million depending on HSD's financial performance in the FY23 and FY24 fiscal periods.
Atturra expects to add up to $3.5 million revenue this current financial year through the buy, with forecast earnings before income tax offsetting acquisition and integration costs.
In a prior interview with CRN Australia, Atturra chief executive Stephen Kowal said HSD provides extensive skills and experience in delivering successful outcomes for federal and state governments.
This, Kowal added, is complementary to Atturra and extends the company's ability to deliver large and complex programs of work.
Atturra was called FTS Group, which took on the new name after rebranding in 2021.
It reported revenue of $61.9 million in its FY22 financial year, an increase of 44 per cent over the same period the year before.
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