NCC Group plc Acquisition of US mobile security testing specialist for £7.1m
NCC Group plc (LSE: NCC, "NCC Group" or "the Group"), the international, independent provider of Escrow and Assurance Services, has acquired US-based Intrepidus Group, Inc. ("Intrepidus"), an independent security research and testing services provider primarily focused in the mobile telecommunications sector, for a maximum consideration of £7.1m ($11.0m) in cash.
- Intrepidus is a leading US security testing services provider with many blue chip clients particularly in the telecommunications and financial services sectors
- Provides a range of services to detect security flaws in mobile devices, applications, systems and networks, complementary to NCC Group's existing capabilities
- Substantially increases NCC Group's presence in New York where it now has the largest testing team
- Consideration of £7.1m - initially £3.7m, then two further payments of up to £3.4m in total over the next 24 months against performance related targets
- Year to 31 July 2012, Intrepidus revenue was $3.3m
- Financed from existing debt facilities and internally generated cash flows.
"Intrepidus is a highly respected business with an extremely strong presence in the rapidly growing mobile telecommunications sector.
"This acquisition is an important strategic development for us as it considerably widens our range of offerings, as well as industry IP, and brings a number of new blue chip technology customers.
"Intrepidus will further increase our profile and capabilities in the significant New York market where we now have the largest testing team. It already has an excellent record of growth and we are confident that it will continue to thrive with the additional resources of the wider Group"