The business has brought on Ad Astra Corporate Advisory and will likely be valued at $120 million-plus
and Clearsight Advisors, the corporate adviser’s affiliate in the United States, to advise on a capital raise and find a capital partner to help it supercharge its growth, Street Talk can reveal.
BlueRock isn’t your average professional services firm. Its eccentric Melbourne headquarters features a giant chessboard and a sombrero-wearing unicorn. Sources say a range of options is on the table, including bringing on a strategic capital partner or selling the business. However, the Melbourne-headquartered professional services firm is understood to be preferencing the former, hoping to clinch a deal by the end of the year.
BlueRock is estimated to be valued above $120 million. It’s forecast to generate more than $70 million in revenue and more than $10 million in EBITDA in FY24. Its revenue has grown 40 per cent year-on-year from around $21 million in 2020 to $56 million this year thanks to increased market share and client cross-sell, adding on services like legal advice for the business or estate planning.
Proceeds of the raise will be used to invest in developing the firm’s workflow automation and AI technology and marking activity as it looks to new markets for growth.
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