Cloud computing provider, Bulletproof , is celebrating a 46 per cent increase in revenues for the first half of the 2015 financial year (1H FY 2015).
The company, which helps major enterprises transition from traditional datacentres to a mix of hybrid and public Cloud services, also recorded a 20 per cent increase in underlying EBITDa for the half year ending December 31, 2014.
Other highlights of the results include:
- 42 per cent of recurring revenues come from Amazon Web Services, up from less than 10 per cent a year ago
- The reveal of major new clients include Qantas and Amaysim. This takes it total major enterprise client base over 600.
- The successful completion of the acquisition of Panthacorp, a professional services firm that will boost Bulletproof’s product and services range
- A doubling of its headcount from 52 to 105 in a year to help service clients.
The results also provide an insight into the growth of major Cloud player Amazon Web Services (AWS) in Australia (particularly since AWS does not break out Australian figures itself). Bulletproof is the leading Premier Consulting Partner in A/NZ for AWS. The growth of recurring revenues in FY15 H1 period to $4.2m, or 42 per cent of recurring revenues was significant, up from 17 per cent of recurring revenues in FY14 (and compared with $800k in FY14 H1).
Bulletproof was awarded AWS Premier Consulting Partner status for the second year running in November 2014, listing it among just 27 such Premier Consulting Partners globally.
In a statement, the company noted the following trends:
- Cloud adoption among Australian business is set to grow from $1.23bn in 2013 to $4.55bn by 2018.
- Bulletproof is riding this wave, but actually outpacing the general market growth of 25-30 per cent.
- Australian businesses are taking Cloud services more seriously, increasing investment and putting more of their IT infrastructure in the Cloud. At the same time, they are recognising the importance of partnering with a Cloud Services Provider to help deploy and support Cloud services that suit their requirements.
Following the pattern seen in FY14 (where second half revenue and EBITDA grew as a result of investment during the first half), the Bulletproof expects FY15 to continue to grow strongly through the second half, for a positive full year result.
Speaking about the results, Bulletproof CEO, Anthony Woodward, said, “We are really excited to have delivered such strong growth for the period. It reflects the way our Managed Cloud business is tracking the transformation that public Cloud services bring to the industry.
“Our client wins show the trusted partnership position that Bulletproof enjoys. We help leading organisations leverage the cloud to transform their business, while achieving both compliance and high performance business outcomes. With the addition of our recent acquisition, we bring a comprehensive service suite to the market. Businesses are increasingly looking for a consulting service to help them select, plan, implement and manage their move to the Cloud.”
In December 2014, Bulletproof completed its acquisition of Pantha Corp, a leading Cloud Consulting Services business with corporate and government clients. The acquisition brought 22 staff and a wide range of consulting and professional services capabilities to the Company, allowing earlier engagement with clients considering their move to the Cloud, and ensuring a smooth transition of core business applications. The move is expected to enable Bulletproof’s customers and prospects to enjoy an end-to-end service on their journey to the Cloud.
FY15 outlook
Bulletproof expects to continue to grow revenues and profitability over the remainder of FY15, with an expectation that year-on-year growth will exceed general market growth rates of 25-30 per cent.
The company has an outstanding obligation under the reverse listing to deliver Class B Performance Shares to the original vendors based on the FY15 result. Those shares may be converted to ordinary shares on a sliding scale for EBITDA (net of deal and corporate costs) in the range of $3.5m to $5.0m. An EBITDA net of deal and corporate costs of $4.0m, for example, would represent a 38 per cent increase on FY14 EBITDA and result in the conversion of 10 million Class B Performance Shares to ordinary shares.
