News: Bulletproof Networks to expand cloud footprint

Bulletproof Networks (ASX:BPF) has signed a non-binding term sheet to acquire a cloud computing consulting firm.

The proposed acquisition will comprise $3.9 million in cash and shares, with the majority deferred pending business milestones.

The business to be acquired has EBITDA of around $400,000 and has consulting agreements with large enterprise customers.

A binding asset purchase agreement is due for completion prior to the end of the year.

Bulletproof is partnering with Amazon and its web on demand services in the managed cloud market in Australia, and is capitalised at $38 million.

The company holds over $5 million in cash and booked almost $5 million in revenue during the most recent quarter.