I'll admit, an IT services business didn't immediately excite, let alone one that is growing via acquisition -- but I'm certainly more interested after speaking with the CEO.

It was interesting to note:

• They are only acquiring 'niche' players that are well known for excellence in a specific area.
• They are NOT looking for cost synergies, but rather to broaden the service capability
• They are NOT looking to be everything to everyone, and are staying away from the more commodified areas of the sector.
• Half their growth has been organic
• They might look offshore, but really the focus is Aus/NZ where there remains a lot of opportunity
• Great to hear Stephen push back on some of the suggestions from analysts
• A big focus on effective reinvestment
• Strong industry tailwinds
• Recognition that reputation is everything, and good to see strong client retention
• Operating margins expected (hoped) to grow closer to 20% at maturity
• Good inside ownership and retention of acquired staff

All up, it seems a business that is keenly aware of its areas of strength and looking to focus on those.

Atturra is recent addition to asx IPO last year in December at $0.50.

Atturra is an Australian technology services company that was formed in 2015 through the merger of five specialized IT services brands. The company provides a range of IT services and solutions to clients using transformative technologies and business applications to enable digital transformation. Atturra has a strong presence in Australia, with offices in multiple cities, and also has a presence in New Zealand and Singapore. The company has grown both organically and through acquisitions, and has established partnerships with major technology companies such as Microsoft, Software AG, Boomi, and Smartsheet. Atturra's growth strategy includes focusing on high-growth technologies and industries with high barriers to entry or no clear market leader. The company plans to grow both organically and inorganically through its growth pillars. 

Attura has recently conducted a capital raising for $25M at $0.85, with the funds to used for future acquitions. Atturra recent acquitions include Mentum Systems (August 21), Kettering Professional Services (March 22) and Haynes Information Systems & Communications (June 22).

Atturra engages over 700 consultants, IT and support personnel in Sydney, Melbourne, Brisbane, Canberra, Adelaide, Perth, New Zealand and Singapore. This includes over 200 security cleared personnel that enables Atturra to undertake work with Federal Government, Defence and National Security organisations. 

Competition

Consulting: Accenture-Avanade, Capgemini, Deloitte, Ernst & Young, KPMG and PwC. 

IT Services: Cognizant, DXC, Fujitsu, HCL Technologies, IBM, Infosys Technologies, NTT, Optus Enterprise, Tech Mahindra, Telstra Enterprise, TCS and Wipro. 

Considering the last update ATA has held up pretty well

Not sure what the bull case is? But I did see a few on twitter compare this to the likes of Data#3.

Unfortunately I don't hold thinking it may be fairly valued at the IPO price. But markets move in mysterious ways.