The document and records management company Restore plc, based in London, has acquired ITAD Works, a Surrey, U.K.-based provider of IT asset recovery and recycling services, for an undisclosed fee. Restore says the acquisition will expand the company’s presence in the IT recycling market, primarily in the U.K.
The purchase of ITAD Works is expected to double the company’s business in the IT recycling sector. The company acquired a similar asset recycling company, IT Efficient, in April 2013. Charles Skinner, Restore plc’s CEO, says the addition of ITAD Works will double the company’s business in the e-scrap sector.
For the year ended September 30, 2016, ITAD Works generated revenue of £3.5 million (US$4.61 million) based on unaudited accounts.
In announcing the deal, Skinner, says, "ITAD Works fits well alongside IT Efficient, our existing IT recycling business, and will significantly expand our presence in this growing market."
ITAD Works has three core business sectors: Asset Recovery, which includes reverse logistics secure asset tracking, data security, asset remarketing and other disposition options; Lifecycle Services, which include technical logistics, configuration and deployment services, engineering services and project management; and Asset Recycling, which includes WEEE Logistics, data destruction, e-Stewardship and being fully licensed for WEEE.
Skinner notes that the IT recycling business will be dedicated to servicing the commercial sector, and will take in laptops, computers and telephones.