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NCC Group buys US-based Source Harbor for up to 1.5 mln usd

Fri, 7th Jul 2006 08:47


LONDON (AFX) - NCC Group PLC, an independent provider of IT assurance, sec
urity and

consultancy services, said it has bought its second US-based software escrow solutions business, Source Harbor Inc, for up to 1.5 mln usd.

Source Harbor is expected to deliver around 200,000 usd per annum of renewals, with the business making a contribution to the profits of NCC Group immediately. The acquisition is net working capital neutral, NCC said.

NCC's group chief executive, Rob Cotton, said: 'This second US acquisition confirms our commitment to the US market and our strategy to build a presence in this important market both by acquisitive growth and organically. It is earnings enhancing and fits neatly with our San Jose operation.'

newsdesk@afxnews.com

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