Spirit significantly expands cyber security offering through acquisition of InfoTrust and trading update

Highlights:

 The fully funded acquisition of InfoTrust, a fast-growing and profitable cyber security business for a total consideration of $34.6M

 InfoTrust forecast to deliver $4.4M unaudited EBITDA2 in FY243 , with Spirit to access Security Operations Centre synergies of circa $1.4M on an annualised basis

 Acquisition expands Spirit’s geographic presence across Australia

 Scales Spirit’s Cyber Security division to become the largest business unit in the Company and one of the larger cyber security businesses in Australia

 Opportunity to increase margins of Spirit’s existing Cyber Security division by implementing InfoTrust’s delivery approach

 Adds significant growth and scale with InfoTrust having achieved an historic revenue CAGR 39%7

 Synergies of $1.4M+ expected to be achieved in FY254 in the integration of InfoTrust and Spirit’s Cyber Security division

 Cash raised to be funded by a Placement to 263 Finance Pty Ltd a significant shareholder (subject to shareholder approval) and an associate of Non-Executive Director Shan Kanji 

Being 90% down on this trade, i haven't looked at Spirit for a long time. Now I'm only 83% down i find this announcement a little interesting. Potentially investors with a good bit of skin in the game!?