REG - Restore PLC - Acquisition

RestoreAnnouncement

04/05/2022 07:00

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RNS Number : 1863K  Restore PLC  04 May 2022

4 May 2022

 

Restore plc

("Restore" or the "Group" or "Company")

 

Strategic acquisition increases Restore Technology capability

 

 

Restore (AIM: RST), the UK's leading provider of digital and information
management and secure lifecycle services, is pleased to announce that it
acquired 100% of the share capital of Ultratec (Holdings) Limited ("Ultratec")
on 3(rd) May 2022.

 

This investment represents a further milestone in the Group's strategic
development of Restore Technology.

 

Ultratec is a highly regarded provider of secure data erasure and physical
data destruction services, bespoke technology recycling solutions, hard drive
parts supply and Data Centre focussed hardware maintenance services.

 

A key feature of the business are the innovative and proprietary software
solutions, Genesis* and Nemesis*.  Both these products deliver additional
value by extending the life of hard drive technologies, improving re-use
recovery rates and securely erasing data substantially faster than comparable
software solutions. The business has around 70 staff based in two locations at
Stevenage and Henlow.

 

For the year to 31(st) March 2022, Ultratec achieved a revenue of £7.6
million, generating a profit before tax of £1.2 million and had net assets of
£1.8 million. The business is being acquired in cash for an enterprise value
of £9.4 million. In addition to the additional technical capability provided
by the Genesis and Nemesis technologies, the combination will further increase
the scale of Restore Technology and achieve synergies across revenues and
operations.

 

*Genesis was developed by Ultratec as a proprietary software and hardware
appliance that securely erases data on various hard disk formats and will also
reconstruct hard drives to make previously damaged hard drives useable again.
The appliance includes cloud based software to ease deployment and is
delivered with a subscription model with recuring revenues. Nemesis performs
the same functionality as Genesis but with networking equipment which is a
growing market with the increasing amounts of data on networking devices
posing a security risk for organisations.

 

www.ultratec.co.uk/genesis

www.ultratestsolutions.com

 

CHARLES BLIGH, CEO, COMMENTED:

 

"I am delighted to welcome the team at Ultratec to the Group and we look
forward to developing the business together as part of Restore Technology, our
rapidly growing IT lifecycle services business.

 

The team at Ultratec have an excellent reputation in the sector with a
specialist focus on hard drive and storage products from repair, erasure and
resale. Their innovative Genesis and Nemesis technologies represent
opportunities to further expand our capabilities in technology lifecycle
services. I am excited about this acquisition and the opportunity it
represents for our business."

 

 

For further information:

 Restore plc                                           www.restoreplc.com (http://www.restoreplc.com)
 Charles Bligh, CEO                                    +44 (0) 207 409 2420

Neil Ritchie, CFO

 Investec (Nominated Adviser and Joint Broker)         www.investec.com
 Carlton Nelson                                        +44 (0) 207 597 5970

 James Rudd

 Canaccord Genuity (Joint Broker, Corporate Advisor))  www.canaccordgenuity.com
 Max Hartley                                           +44 (0) 207 523 8000

 Chris Robinson

 Citi (Joint Broker)                                   www.citigroup.com
 Stuart Field                                          +44 (0) 207 986 4074

 Luke Spells

 Buchanan Communications (PR enquiries)                www.buchanan.uk.com (http://www.buchanan.uk.com)
 Charles Ryland                                        +44 (0) 207 466 5000

 Stephanie Whitmore

 

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