Atturra (ATA) is an Australian owned, IT services company that designs, implements, and maintains predominantly niche IT solutions for many of Australia’s largest private and public organisations. Formerly known as FTS Group, ATA was established in 2015 by bringing together five IT services brands that are specialists in their respective fields. The company provides expertise across a range of specialist in-demand IT areas to deliver solutions to clients. ATA is a small but significant player in the Australian IT services market, which is estimated to be ~A$38.5bn and growing at a ~4.1% CAGR (Frost & Sullivan). The company is set to benefit from high demand for IT services, including cloud, remote working and general digitisation trends. Picking the right niches and being the #1 player means it should deliver ~10% organic EBIT growth plus M&A upside risk. We initiate coverage with an Add rating and 78cps target price.