Manchester cybersecurity firm NCC Group has agreed a 拢156 million acquisition of the intellectual property management business within US firm Iron Mountain.听
NCC, listed in London, said the proposed deal would be听significantly earnings enhancing from completion and听provide greater global scale for听its听software听resilience听division.听
Iron Mountain’s intellectual property management division听provides听software resilience services to听6,000 clients in the听US market, including听blue chip companies and听鈥榳hich spans听a majority of听the Fortune 500鈥�.听听
It reported revenue of 拢23.3m and EBITDA of 拢15.4m for the 12 months ended 31st December 2020.听
The deal would听make听the US region the largest contributor of the听NCC听division’s revenues and profits.听
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Led听by John Boruvka and Joy Egerton,听the US team is expected to be retained as part of the听acquisition.听
“This acquisition will transform NCC Group’s software resilience business, making it a market leader, and deliver immediate financial and operational benefits to the whole of the group,鈥� said CEO听Adam Palser.听
鈥淭he IPM business shares many similarities with our own software resilience business, including a commitment to providing exemplary service for clients. There are tremendous opportunities to grow the combined business by offering IPM’s blue-chip clients the choice of new services and support.听
鈥淔ollowing completion, NCC Group will be a stronger and broader business with an even greater ability to support clients in the ceaseless struggle against cyber-crime in all its forms.”听
The听cash听acquisition will be funded by听拢70尘听from听the estimated gross proceeds of the听placing;听拢50m from a new three-year听term听facility听agreement;听existing cash balances of 拢7m;听and听the balance from听NCC‘s existing听revolving听credit听facility听agreement.听