Atturra to acquire New Zealand's Plan B

Atturra subsidiary Cirrus Networks Holdings has exchanged a share sale agreement to acquire Plan B, a New Zealand cloud, network connectivity, data centre and managed services provider.

The upfront consideration is AUD$19.43 million in cash with an earn-out/post-completion consideration of up to AUD$4.09 million in cash subject to Plan B achieving performance hurdles based on audited EBITDA targets for FY25.

The transaction is expected to be completed on or around 2 December 2024.

Plan B owns and operates a national network of five primary data centre on New Zealand’s North and South Islands. These data centres are interconnected through a high-speed network backbone, with the core network private and dedicated to Plan B customers.

Plan B has a “very high level of recurring revenue with a diverse and loyal customer base across the ANZ region”, according to an Atturra announcement about the acquisition.

The acquisition “continues to increase the service offering, geographical and customer coverage in Atturra’s managed services business,” Atturra stated.

This includes expanding its managed services, private cloud and overall offerings to all of New Zealand and providing a “highly predictable revenue stream”.

“The acquisition of Plan B fits into Atturra’s ambition to be a leader in managed services and this expands Atturra’s presence into New Zealand,” stated Atturra CEO Stephen Kowal.

“We see the acquisition of Plan B as a launchpad for further expansion both geographically and in capability, particularly with its network of five primary DCs across New Zealand.”

Plan B CEO Frazer Scott stated: “Plan B and Atturra have a shared focus on people and customer success, making the partnership a natural fit.”

The team at Plan B remains committed to the business and delivering exceptional outcomes for customers, who will also benefit from the extensive capabilities and resources that Atturra brings.”

The Plan B acquisition follows Atturra's announcement last month that its subsidiary Anatas had exchanged a share sale agreement to acquire Melbourne-based Chrome Consulting, which specialises in deployment of OpenText in an SAP context.