Enterprise telecommunication service provider Macquarie Telecom has made a play for struggling cloud services business Bulletproof Networks, offering $18 million cash for the company – a 57 per cent premium on its one-month volume-weighted average price.

Once a member of the AFR Fast 100, Bulletproof came unstuck in the past 18 months. Hampered by a slowdown in its professional services division, its revenue growth had slowed to 4 per cent for the 2017 financial year and shifted from an underlying net profit to a net loss.