Canberra-headquartered cloud services provider CloudCentral is listing on the Australian Stock Exchange via a reverse takeover, the company announced today.
CloudCentral executed a reverse takeover of Dromana Estate Limited: Dromana Estate Limited (ASX:DMY) is acquiring 100 per cent of Cloud Central Pty Ltd and changing its name to 'CloudCentral Limited'. The takeover is subject to Dromana shareholder approval. Dromana will hold a general shareholder meeting on 23 May.
A statement from CloudCentral said the intention is to install its founder, Kristoffer Sheather, as managing director of CloudCentral Limited and former iiNet and L7 director Andrew Milner as non-executive director.
"“With this listing and access to additional funding CloudCentral is well placed to capitalise on the worldwide cloud computing sector that is growing at 36 percent compounded annual growth rate," Sheather said in a statement.
"Additionally a listing provides CloudCentral with 'currency' for strategic acquisitions as they present. Primarily we are investing in our sales and marketing capabilities with the addition of a number of wholesale business development managers, establishing sales offices in Sydney, Canberra and Melbourne.
"New initiatives include additional investment and commitment to security accreditations, additional points of presence, new product development and operations enhancements."
CloudCentral was founded in 2010 and operates four data centres in Australia: Two in Canberra and one each in Sydney and Melbourne. The company provides software-as-a-service infrastructure-as-a-service and platform-as-a-service offerings, including to other software-as-a-service providers.
According to a presentation provided to Dromana shareholders, CloudCentral has more than 200 customers. Customers include Aquasora, MphasiS, Chamerlains Legal, Mirus Australia, CMA Corporation Limited, the federal Department of Finance, ASI Solutions, and Datapad.
The company said that it has invested around half a million dollars in infrastructure since last year; its infrastructure is operating at 20 per cent utilisation.