Cloud backup service Dropsuite raising $20 million

Petra

The Australian Financial Review

Cloud-based website and database backup and monitoring service Dropsuite has appointed Petra Capital to manage a $20 million placement to institutional investors.

Priced at 21¢ per share, the offer comes at a 10.6 per cent discount to the previous close price.

Funds will be raised to accelerate the company’s growth through acquisitions, complimenting organic growth.

The company has 500,000 users across 100 countries and 354 IT reseller partnerships globally.

It backs up Office 365, Workspace Gmail, Hosted Exchange, Open-Xchange, IMAP/POP, and websites to the cloud, It also offers eDiscovery solutions and business intelligence analytics for email.

In the second quarter of 2021 it grew annual recurring revenue by 15 per cent on the previous quarter to $11 million.

It has an average revenue per user of $1.77.

Bids are due by 3pm on Friday.