OS X Recovery Disk Assistant
This software did work with versions of OS X beyond Lion. However, with El Capitan and newer versions of macOS, this software was replaced with createinstallmedia.
The original idea was to copy the recovery partition to a USB drive. This allowed older Macs, with firmware that was unable to boot to Internet Recovery, to boot from a USB drive and download and install OS X. Eventually, Apple decided to include the installation software on the USB drive. This is where the idea for createinstallmedia came from.