Cirrus gets first green light to be acquired by Atturra

Cirrus Networks has passed the first stage of being acquired by Atturra, with the Supreme Court of NSW granting approval to hold a shareholder vote.

On 18 October, the court approved for Cirrus to have a shareholder meeting on voting on whether it should be acquired by Atturra, as well as the dispatching of a booklet about the deal.

With the approval of a meeting now in place, Cirrus said it has scheduled it for 22 November, with the booklet going out from 20 October.

At the time of the Supreme Court giving the all clear for the meeting, Cirrus’ board of directors, who hold approximately 8.95 per cent of shares on issue, unanimously recommended that shareholders vote in favour of the acquisition.

The deal, which was first made on 11 September and then altered days later on 15 September, values Cirrus at $58.6 million.

According to Atturra CEO Stephen Kowal at the time of the initial deal, Cirrus has “strong strategic and cultural alignment” with the company’s industry and service capabilities. 

“Cirrus will significantly expand Atturra’s recurring managed service capabilities and will provide an enlarged and complementary client base with significant future cross-sell opportunities,” he said. 

“Cirrus brings a wealth of expertise in the government and energy and resources industries, having serviced some of the leading names across these sectors respectively, enhancing Atturra’s ability to become a market leader in these sectors. We look forward to working with and welcoming the Cirrus team to Atturra.”