Superloop announces completion of Acurus acquisition

As announced on 25 May 2022, Acurus is an Australian company providing connectivity and technology services for some of the country's largest and most successful businesses. Acurus’ white-label platform and services support the Internet offering behind major brands such as EnergyAustralia and OfficeWorks. Other household brands, including Bakers Delight, Zen Energy, Roy Morgan and Hume Bank are customers of Acurus’ managed services offerings including SD-WAN and Cyber Security Services.

Superloop’s Managing Director and CEO, Paul Tyler said, "I am excited to welcome the entire Acurus team to Superloop. Equally, I look forward to welcoming their connectivity customer base to Superloop’s Tier One network experience.

“The Acurus team will continue to focus on the exciting growth of their white-label subscriber base and, with Superloop’s network underpinning the performance of the white-label offering, we see immediate accelerated growth potential.

“We view this exciting acquisition as a clear opportunity to expand our ability to drive step-change growth of Superloop’s end-user customer base across a broad range of large-scale non-telco brands. The acquisition adds a powerful new channel to our wholesale ambitions, and our growth trajectory as Australia’s challenger telco.”

Consideration for the acquisition is AU$15 million (before customary completion adjustments), comprising AU$12 million in cash and AU$3 million in Superloop shares. The vendors may also be entitled to 'earn out' payments, subject to meeting certain stretch targets related to EBITDA performance and operational milestones of the business in the period after completion (capped at AU$20 million, including up to AU$4 million in Superloop shares). The acquisition will be funded from Superloop's existing cash reserves and placement capacity under the Listing Rules.