"Ranked 33 – Bulletproof Group Ltd (ASX: BPF) is another IT...

"Ranked 33 – Bulletproof Group Ltd (ASX: BPF) is another IT services firm heavily involved in the cloud services space with Deloitte recording its three-year growth at 158%. Similarly to Empired these businesses tend to perform well when the going is good, but can struggle if demand for their services turns down due to the relatively high fixed costs."

Not sure I completely agree with this assessment of the business. Over 75% of revenue is recurring and revenue is growing at around 25% per annum. The only aspect of the business significantly vulnerable to a downturn in demand is the consulting services which, at the moment, makes up only a minor component of revenue. This requires a continuous adjustment of consultant numbers so that there aren't too many idle unproductive consultants sitting around costing the company money at any one time.
In my view, the actual provision of cloud computing ie. IAAS and SAAS via AWS ,Azure and private cloud are relatively immune to downturns in the economy because IT expenditure is so embedded in business costs and the general trend is that more and more businesses are turning to cloud computing. Consequently, in my opinion Bulletproof is relatively shockproof.