FTI Consulting, Inc. announced the promotion of 22 professionals within the firm’s Corporate Finance & Restructuring segment to Senior Managing Director,
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Jonathan Boyers, head of corporate finance for Alvarez & Marsal (A&M) in the EMEA region, commented, “Ian will spearhead the practice’s technology M&A capability, both here and across EMEA. He brings a significant network and specialist sector knowledge which will combine powerfully with the other sector and regional teams.”
ASX-listed Atturra has announced its has exchanged a share sale agreement (SSA) to acquire Brisbane-headquartered IT consultancy Exent through its subsidiary Atturra Advisory.
Exent offers services covering strategy to implementation business transformation advisory in vendor neutral, client-side technology, people and business processes.
Atturra said the acquisition will help the firm extend its advisory and consulting capabilities outside of Canberra and the defence sector and expand the practice nationally.
Upfront consideration for Exent is $6 million in cash, with earn-out/post-completion consideration of up to $2 million in cash, subject to Exent achieving first half financial year 2025 (FY25) performance hurdles.
The Exent purchase price, including upfront and deferred consideration, is based on a multiple of 6.5 times forecast of the earnings before interest, taxes, depreciation, and amortisation (EBITDA) contribution to Atturra in FY25.
The price will exclude integration costs which are forecast to be less than $400,000.
The transaction is expected to complete on or around 31 July 2024, subject to the satisfaction of conditions precedent in the SSA.
“There is an increase in businesses looking for a trusted advisor with the capability to help scope extensive technology change programs and then advise on this complex transformational activity. Atturra has worked with the Exent team through its local government and education clients and is aware of its highly regarded reputation in advisory. They also have a specialisation in aged care and a growing capability in health," said CEO of Atturra, Stephen Kowal.
"As part of our growth strategy, we have been seeking the right opportunity to harness our strength, expertise and reputation in Canberra and defence to expand our advisory business into the commercial sector. The acquisition of Exent with its complementary expertise gives us the perfect entry point. There is a strong cultural alignment between the two companies, and we look forward to welcoming Phil Fowdar and the Exent team to Atturra.”
Founder of Exent Joe Fazzari said: “From inception, Exent has been on a mission to challenge and innovate the consulting space. On the back of great client outcomes and a superb team, we have delivered on our goals. Ranking as Australia's thirty-third fastest growing firm last year, we were looking carefully at our next stage of growth. A strategic acquisition made perfect sense, and Atturra was the perfect partner."
"Exent's capabilities in business transformation, complex technology advisory and implementation, process re-engineering and people change are perfect complements to Atturra's scale and depth in technology. Atturra is an excellent fit on capability, culture, and mission. With this acquisition, we aim to accelerate Atturra's drive to become Australia's leading technology services firm.”
Managing partner of Exent,Phil Fowdar said: “the leadership team at Exent is excited about this acquisition, which expands our capabilities and service offering to clients, and provides tremendous career opportunities to our team.
"Our depth in complex technology-enabled transformation and commitment to outcomes will be greatly enhanced by the resources and reputation of Atturra. We see enormous potential to bring our advisory capability to the breadth of Atturra's technology capabilities. With Atturra, we have a strong shared vision, backed by the scale and depth in business and technology transformation, to create a leading full-service firm with a difference.”
Sourced from CRN news
EY has appointed Mustapha Abdellati as leader of its CFO Advisory Services practice in the Netherlands. He co-leads the practice with René Carrillo, who has been overseeing the unit’s portfolio for the financial sector for several years.
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EY strategically appoints Matt Taylor as a partner in its UK financial crime consulting business to enhance capabilities in combating financial crime. Taylor's expertise aims to elevate EY's financial crime remediation and operations for clients in banking, payments, fintech, and insurance sectors.
Knowit AB (publ) is acquiring the subsidiaries of Capacent that conduct operations in management consulting. Capacent complements Knowit’s offer with services mainly in finance, pricing strategy, and operating capital optimization, and will become part of Knowit’s business area Insight
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