Australia’s IT services sector appears headed for a bit of private equity cattle trading, with the freshly minted Orro Group up for sale via Barrenjoey Capital.
It is understood Barrenjoey’s bankers are taking a private equity-heavy field of suitors through a round of confidential due diligence, and are calling for indicative bids next week.Orro Group’s a newcomer to Australia’s IT services scene. It was launched last year, as PE-backed Cirrus HoldCo stepped up its pursuit of cybersecurity and digital infrastructure/network companies and opted for a fresh coat of lipstick.
The roll-up started in 2019, when CustomTec founder Damian Higgins teamed up with the PE firms to create Cirrus HoldCo as a special purpose vehicle to acquire technology organisations. CustomTec was its first acquisition.The group has made at least half a dozen acquisitions since, including cyber security services businesses RIOT Solutions and eSecure, Correct Solutions and Mach Technology, and counts the likes of Australia Post, QBE and Qantas as current or former customers.
Now that it’s been put together, it is understood Orro’s shareholders are keen to test potential buyer appetite in what’s become a meaningful player in its market. Industry sources reckon the business has tucked in behind some of the big international and national groups, such as Data#3, Datacom and NTT.
The question is whether Barrenjoey’s bankers can draw in a deep-pocketed strategic suitor to push the financial investors to the finish line.
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