Australian cloud services provider Bulletproof has snapped up Kiwi cloud services business Cloud House in a deal which could be worth as much as $5.1 million.
The deal sees ASX-listed Bulletproof purchasing Cloud House’s business assets for $1 million. Cloud House’s owners may earn up to a further NZ$4.2 million split between cash and shares, payable based on performance targets to be achieved out to 30 June 2017, or earlier if achieved earlier.
Cloud House is the most awarded and fastest growing AWS partner in New Zealand and provides consulting, billing and managed services for customers heading to the cloud, according to Bulletproof, with the deal cementing Bulletproof’s position as the largest AWS partner in the region.
The deal will also provide new cross-Tasman enterprises for Bulletproof, while tapping into a market that is leading the region’s cloud adoption rates.
Bulletproof says for Cloud House, the acquisition willk provide corporate, financial and marketing resources to help the Kiwi company ‘extend their lead in the New Zealand market’.
Anthony Woodward, Bulletproof chief executive, says the two companies have been working on a number of partnered opportunities for some time, and Bulletproof was impressed with ‘the innovative, customer-focused capabiities of the Cloud House team’.
The deal will bring around NZ$3.5 million annualised revenues, with around $500,000 of current run-rate EBITDA to Bulletproof.
The deal continues a run of acquisitions for Bulletproof, which acquired Australian AWS consulting partner Panthacorp in December 2014, followed by private cloud provider Infoplex in October 2015.