(Alliance News) - Data security company Blancco Technology Group PLC on Wednesday said it has acquired Utah, US-based WipeDrive Inc.
Blancco said that WipeDrive, formerly known as White Canyon Software Inc, is a provider of data erasure software solutions.
The company will pay an initial USD8.5 million in cash for WipeDrive. It additionally will pay up to GBP1.5 million in 12 months, dependent on certain performance criteria.
In 2021, WipeDrive recorded revenue of USD3.6 million and pretax profit of USD1.1 million.
Blancco expects the acquisition to be immediately earnings enhancing.
Chief Executive Matt Jones said: "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," Jones added.
Shares in Blancco were up 1.0% to 207.00 pence each in London on Wednesday afternoon.
By Sophie Rose; sophierose@alliancenews.com
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