DropSuite will be taken over by NinjaOne for $5.90 a share, a 34.1 per cent premium from its last share price, in the ASX's first major M&A deal of 2025.
Founded in 2012 in Singapore, Dropsuite listed on the ASX in December 2016 after raising $5 million at 10 cents per share in a reverse takeover of Excalibur Mining.
Dropsuite's global cloud platform allows businesses to easily backup data. (Bianca De Marchi/AAP PHOTOS)
"While the board is highly confident in the long-term fundamentals and growth prospects of the company, we believe the scheme represents a compelling opportunity for shareholders," said non-executive chairman Theo Hnarakis.
They will receive 100 per cent cash for their investments in Dropsuite at an attractive premium to where Dropsuite has historically traded, he said.
Importantly, Mr Hnarakis said Dropsuite's board believes the combination of the two company's complementary offerings will enhance solutions and capabilities for its partners.
NinjaOne offers an automated platform for IT departments to monitor, track and patch their company's IT assets such as servers, desktop computers, laptops and mobile devices.
Dropsuite has a global cloud platform aimed at small and medium businesses, enabling them to easily backup their data from Office 365, Google Workspace and similar platforms, protecting against accidental loss as well as malicious actors.
Sal Sferlazza, co-founder and CEO at NinjaOne, said that the rise of remote work and bring your own device (BYOD) had evolved expectations for endpoint management platforms like his company.
"Organisations must protect and manage not only the personal and professional devices used by customers and employees but also the applications they use," Mr Sferlazza said.
The acquisition is expected to close in the first half, subject to approval from shareholders and other customary closing conditions.
Near market close on Tuesday, Dropsuite shares were up 30.5 per cent to $5.74.
