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Software firm acquires cloud services provider

Software firm acquires cloud services provider

Acquisition, join forces

Allens has advised cloud services provider Bulletproof Group Limited on its acquisition by Klikon Group Holdings.

Firms: Allens (Bulletproof Group Limited); HWL Ebsworth (Klikon Group Holdings)

Deal: Bulletproof Group Limited has been 100 per cent acquired by Klikon Group Holdings by way of scheme of arrangement with Bulletproof shareholders.

Value: Undisclosed

Area: M&A

Key players: The Allens legal team was led by partner Mark Malinas, with assistance from partner Kim Reid, managing associate Michelle Bennett, special counsel Gadi Bloch, senior associate Jack Power, associates Sophie Allchurch and Julian Holland, lawyer Sidney Sneddon, and law graduates Yin Lim and Lara Baker.

Deal significance: The deal closed on 6 June, seeing Bulletproof shareholders receive cash consideration for their shares of 15.2 cents per share, according to an Allens statement. 

“This was a deal full of twists and turns given the competing takeover bid and Takeovers Panel action, so this outcome is particularly pleasing,” said lead partner Mark Malinas.

“We are delighted to have worked with the Bulletproof management team and board to achieve such a positive result for shareholders.

“Completion of this scheme follows a trend of public M&A in the Australian market and, in particular, appetite for technology business.”

 

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