Australian cloud provider Bulletproof has completed its reverse-takeover of mining company Spencer Resources to today become listed as Bulletproof Group Limited on the Australian Securities Exchange (ASX).
Late last year, Bulletproof announced that it would conduct a share offering worth AU$1.6 million once the process had been completed, but this morning when the company relaunched on the ASX under the new name, the capital raising was oversubscribed, seeing AU$2.83 million raised.
Bulletproof co-founder and CEO Anthony Woodward said today that the listing wouldn't change the running of the business for the company's 50 employees, or the services for its 500 customers, but would allow Bulletproof to grow to meet the demands for cloud services in Australia.
"In terms of the day-to-day running of the business for staff and customers, everything is pretty much as it was. The listing lets us execute our longer-range strategy, and we're also in a good position at the moment because of the opportunities in the rapidly growing cloud services market in Australia," Woodward told ZDNet.
"It isn't always about capital, as well; there's also an element of profile that goes with being a listed organisation. Some of the larger enterprise clients we deal with either have a requirement to deal with a listed company or at least have a higher level of comfort if they can deal with a listed company, because they like the financial reporting components, and that way, they can see they're forming a partnership with a viable business."
As part of the listing, Bulletproof announced that it had signed up a number of large corporate contracts in 2013, including with Seek, Racing Victoria, Tennis Australia, and Bauer Media. Woodward said that the desire for local managed services partners is why Bulletproof decided to list in Australia.
"The opportunity in the Australian market, a lot of it is untapped from our perspective. We feel there's really a lot more to do in the Australian market that's worth pursuing, and customers absolutely value, when you're talking about managed services of their critical data in the hands of an outside party, having that organisation on the ground in Australia," he said.
Woodward said that there aren't specific industries that Bulletproof is targeting as part of its growth plans, except for those that have a mission-critical component to their business.
"If it is a key component of either the revenue generation, or some part of the back office business function, or even a high-profile website that needs to stay working and deal with lots of changes in traffic behaviour, then that is our customer," he said.
He said that Bulletproof is focusing on customers that are beginning to see the cloud as less of a testing and development sandbox and more of a place for production, where managed service providers like Bulletproof are critical.
As part of the completion of the listing, former Eftel chairman Stephe Wilks has joined the Bulletproof board, along with Woodward and Bulletproof's other co-founder and chief operating officer Lorenzo Modesto. Woodward said that Wilks' experience on the boards of telecommunications companies in the past would be crucial, as Woodward and Modesto learn the ropes of being directors on the board of Bulletproof.