Acquisition
08/06/2022 07:00
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RNS Number : 0704O Blancco Technology Group PLC 08 June 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
8 June 2022
Blancco Technology Group PLC
Acquisition of WipeDrive
- Acquisition expands reach in the United States with both corporate and US
government customers -
Blancco Technology Group PLC (AIM: BLTG, "Blancco", the "Company" or the
"Group"), the industry standard in data erasure and mobile lifecycle
solutions, is pleased to announce that it has agreed to acquire WipeDrive Inc
("WipeDrive"), formerly known as White Canyon Software Inc, a US-based
provider of data erasure software solutions for corporations and public sector
organisations (the "Acquisition"). The Board expects the Acquisition to be
immediately earnings enhancing upon completion.
The total consideration for WipeDrive is up to US$10 million (£8 million),
consisting of an initial cash consideration of US$8.5 million to be paid on
completion and further contingent consideration of up to US$1.5 million to be
paid in cash 12 months following completion subject to certain performance
criteria. The total consideration will be financed through the Group's
existing cash and debt resources.
Headquartered in Pleasant Grove, Utah, WipeDrive was previously named White
Canyon Software Inc and changed its name to WipeDrive in 2021. WipeDrive
provides data diagnostic, wiping, transfer and verifying software tools.
WipeDrive has a significant customer base of over 500 organisations, spanning
IT Asset Disposition ("ITAD"), Asset Management Systems, corporate and
government agencies, including Fortune 500 companies, and large US government
bodies. WipeDrive also has various proprietary technologies that Blancco
will leverage with its current client base.
Matt Jones, Chief Executive Officer of Blancco, commented:
"The acquisition of WipeDrive is highly complementary with our existing
services and its US-focused customer base expands our reach with ITAD and
Enterprise customers in the US, with both large corporates and US government
departments. Blancco is a global leader in the supply of data erasure
solutions, and this deal only serves to further enhance our position and
reputation in the data compliance, data privacy, cyber security and
sustainable data management markets. I am delighted to welcome WipeDrive's
employees to Blancco and am enthusiastic about our prospects as a combined
entity."
Bill Glynn, Chief Executive Officer of WipeDrive, commented:
''Everyone at WipeDrive is extremely excited to be joining Blancco. Blancco is
an acknowledged leader in data erasure and is the ideal company to take our
business to the next level. The skills and experience within both our teams
are incredibly complementary and we are set to collaborate on what I am sure
will be a very successful future together."
Additional information:
WipeDrive is majority owned by Stupar Holdings Corporation and a number of
individuals including Tuvia Barak, William Glynn and Donald Griffes. For the
financial year ended 31 December 2021 the company recorded revenue of US$3.6
million and profit before tax of US$1.1 million. As at 31 December 2021 the
company had net assets of US$0.7 million.
For further information:
Blancco Technology Group plc via Buchanan
Matt Jones, Chief Executive Officer
Adam Moloney, Chief Financial Officer
Peel Hunt (Nominated Advisor & Joint Broker) +44 (0) 20 7418 8900
Edward Knight / Paul Gillam / James Smith
Investec Bank plc (Joint Broker) +44 (0) 20 7597 5970
Patrick Robb / Sara Hale / Nick Prowting
Buchanan Communications Limited +44 (0) 20 7466 5000
Chris Lane / Stephanie Whitmore / Jack Devoy
blancco@buchanan.uk.com (mailto:blancco@buchanan.uk.com)
This Announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. The person responsible for arranging
for the release of this Announcement on behalf of the Company is Lorraine
Young, Company Secretary.
About Blancco
Blancco Technology Group plc is a leading global provider of mobile lifecycle
solutions and secure data erasure solutions. For more information, please
visit www.blancco.com (http://www.blancco.com) .
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