- Superloop (SLC) signs a sale and purchase agreement to buy Melbourne-based white-label and technology firm Acurus
- The acquisition will allow Superloop to expand its white-label broadband relationships and help bring about profitable growth in its subscriber base
- As part of the deal, Superloop will pay $15 million for Acurus, comprising $12 million in cash and $3 million in company shares
- Superloop says it expects the acquisition to be completed in July this year
- Superloop shares are up 3.16 per cent to 82 cents each at 11:02 am AEST.
Superloop (SLC) has signed a sale and purchase agreement to buy Melbourne-based white-label and technology firm Acurus.
The company said the acquisition would allow Superloop to expand its white-label broadband relationships and help drive profitable growth in its subscriber base.
As part of the deal, Superloop will pay $15 million for Acurus, comprising $12 million in cash and $3 million in company shares. Superloop said it would be able to fund the purchase from its existing cash reserves and placement capacity.
The sellers could also earn up to $20 million in cash and $4 million in shares in earn-out payments subject to Acurus meeting certain stretch targets related to earnings before interest, tax, depreciation and amortisation (EBITDA) performance and operational milestones.
Superloop said the acquisition was expected to immediately be accretive to the company in the 2023 financial year and was consistent with its strategy to build scale as a challenger provider of integrated telco services in the Australian market.
Managing Director and CEO of Superloop Paul Tyler said he believed the acquisition expanded the company’s addressable market beyond traditional telcos.
“Customers will have access to the well-regarded expertise of the Acurus team for integrated white label services combined with Superloop’s high-speed infrastructure-on-demand platform and network assets,” Mr Tyler said.
“The challenger segment in the telco industry continues to grow towards the 30 per cent market share vision we outlined to investors in November 2021.
“We intend to continue to be a major catalyst of that growth.”
Superloop said customers on the Acurus white-label platform would be able to leverage Superloop’s high-speed network and NBN connectivity.
The company said it expected the acquisition to be completed in July this year.
Superloop shares were up 3.16 per cent to 82 cents each at 11:02 am AEST.