Bulletproof shareholders give go-ahead to $24.7 million AC3 acquisition

Bulletproof shareholders have voted in favour of a scheme arrangement which will see AC3 acquire the cloud provider for $24.7 million.

In total, 85 percent of shareholders present voted in favour of the acquisition, or 98 percent of votes cast.

The acquisition still requires approval from the Federal Court of Australia, which is scheduled for 25 May. If approved, Bulletproof shareholders will receive 15.2 cents for each share they hold, giving the company a valuation of $24.7 million.

If approved, the combined company will have a headcount of 330 staff and more than 1000 customers.

"Each business has their own unique value proposition," AC3 chief executive Simon Xistouris said.

"AC3 is well known for providing private cloud and associated managed services, project services, procurement and talent management, specifically to NSW government.

"Bulletproof is recognised nationally for providing mission-critical public cloud services. We’re looking forward to bringing the best of both businesses together to create what we believe to be Australia’s leader in hybrid cloud solutions.”

The bidding war for Bulletproof was set off in November last year when Macquarie Telecom offered to buy the company for $18 million. AC3 swooped in with a more attractive offer for $24.7 million and as a result, MacTel let its own offer expire on 30 April, clearing the way for AC3 to buy Bulletproof.

The acquisition is expected to be finalised on 6 June.

Bulletproof's share price has climbed from 7 cents prior to MacTel's initial bid to 15 cents at the time of writing.