CloudCentral's ASX listing plan falls apart

Dromana Estate has called off its acquisition of Australian cloud wholesaler CloudCentral, in a statement issued to the ASX today.

The acquisition has been terminated immediately, according to the short statement. Dromana stated it "would like to wish Cloud Central the best with its endeavours to continue to grow its business."

Dromana and CloudCentral were unavailable for comment in time for publication.

CloudCentral had been expected to complete a reverse listing on the ASX by 14 June, following the 20 March announcement it would be acquired by Dromana.

Both parties announced on 8 April that due diligence had been completed and both parties were satisfied.

The acquisition also attracted a "cornerstone" investor in Domenic Carosa, who issued a statement on 30 April saying CloudCentral "meets all of our investment criteria as a scalable investment opportunity".

CloudCentral was founded in 2010 and launched its wholesale partner program late last year. The company lists Equinix, NextDC, Citrix among its technology partners.

The cloud provider has an "aggressive" growth plan, with CEO Kristoffer Sheather saying in March that the company was adding to its sales and marketing teams and setting up sales offices in Sydney, Canberra and Melbourne.

Dromana is reviewing "a number" of potential transactions, according to today's announcement.