LONDON, UK: Restore Plc (AIM: RST), the UK’s leading provider of digital and information management and secure lifecycle services, has acquired 100% of the share capital of Ultratec (Holdings) Limited on 3rd 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 31st 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.
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.”