Blancco Technology Group PLC Acquisition (0704O)
08 June 2022 - 4:01PM
UK Regulatory
TIDMBLTG
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
(GBP8 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
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 .
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END
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