Acquisition will allow Superloop to expand white label relationships and profitable growth in its subscriber base.
Superloop intends to acquire Melbourne-based white label and technology consultancy firm Acurus.
The conditional sale and purchase agreement (SPA) includes the Acurus Anex white label platform and the company's managed services provider (MSP) business.
The acquisition continues Superloop's strategy of building scale as a challenger provider of integrated telco services in the Australian market.
Acurus is an Australian company providing technology services for some of the country's largest and most-successful businesses. Acurus’ white label platform and services support the Internet offerings behind major brands such as EnergyAustralia and OfficeWorks. Other household brands, including Bakers Delight, Zen Energy, Roy Morgan and Hume Bank have accessed Acurus’ managed services offerings, SD-WAN and Cyber Security Services.
Customers on the Acurus white label platform will in the future be able to leverage Superloop’s high-speed network and nbn connectivity. As a result, Superloop expects that the acquisition will in time accelerate growth by expanding these white label services, in particular to other established brands seeking to expand the value they deliver in their chosen markets.
Superloop’s Managing Director and CEO, Paul Tyler said, "We're excited by this acquisition as it expands Superloop’s addressable market beyond traditional telcos and into the growing domain of non-traditional retailers. With this newly acquired white label telco capability, brands from any industry who are looking to broaden their core offering with turnkey telco services will have a great option to consider.
"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.
"It's the next step in our strategy of growing our portfolio and customer base across all three of our customer segments, to monetise the core Superloop infrastructure."
"Our purpose remains to enable better internet through competition. The challenger segment in the telco industry continues to grow towards the 30% market share vision we outlined to investors in November 2021. We intend to continue to be a major catalyst of that growth.
"The acquisition also continues our focus of delivering superior returns to shareholders. The recent sales of our Hong Kong network and parts of our Singapore network have released capital that we will continue to deploy in organic growth and acquisitions, like Acurus, that add new capability to the overall Superloop offer."
Subject to customary conditions, Superloop will make an upfront payment of AU$15 million (excluding estimated completion adjustments), comprising AU$12 million in cash consideration and AU$3 million in Superloop shares. The acquisition will be funded from Superloop's existing cash reserves and placement capacity under the Listing Rules. The completion of the sale is expected by the end of July 2022.