UK document management firm Restore has acquired data destruction company Ultratec.
AIM-listed Restore plc provides document management, paper destruction, and IT asset deployment, management, and decommissioning services.
Founded in 1996 and based in Stevenage, Ultratec provides secure data erasure and physical data destruction services, technology recycling solutions, hard drive parts supply, and data center-focused hardware maintenance services.
Ultratec is being acquired in cash for an enterprise value of £9.4 million ($11.7m).
Charles Bligh CEO of Restore, said: "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."
Ultratec offers the Genesis and Nemesis software solutions that Restore said will additional technical capability and scale to Restore’s Technology Unit.
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 recurring revenues. Nemesis performs the same functionality as Genesis but with networking equipment.
Restore acquired Computers Disposals Ltd in January 2021, and acquired E-Recycling Limited in 2020.