Information  X 
Enter a valid email address

Blancco Tech Grp PLC (BLTG)

  Print          Annual reports

Wednesday 08 June, 2022

Blancco Tech Grp PLC

Acquisition

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

Matt Jones, Chief Executive Officer

Adam Moloney, Chief Financial Officer

via Buchanan



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

[email protected]


 

 

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 .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
ACQUBSWRUUUNRAR

a d v e r t i s e m e n t