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(Alliance News) - NCC Group PLC on Thursday said it has sold DetACT, an advanced preventive fraud detection solution for banks in Europe, for EUR9.0 million.
The Manchester-based cybersecurity company has sold DetACT to DataExpert BV, with completion expected in January.
"DetACT is a non-core offering within NCC's European Cyber Security division serving European financial service clients. DetACT's new ownership will provide a focused investment strategy for the business, to enable it to grow and continue to innovate, delivering greater value for existing and future clients," NCC said.
In the financial year ended May 31, DetACT generated revenue of about EUR5.5 million and made an adjusted operating profit of EUR800,000.
NCC noted that all 41 employees will be transferred as part of the sale.
Chief Executive Mike Maddison said: "The sale of DetACT is part of our ongoing Next Chapter strategy announced in February 2023, which is to release non-core assets from our portfolio and enable us to focus on growing our core business. The management team of DetACT has built a profitable and stable business serving financial services clients in Europe and I am confident that under the new ownership of DataExpert BV they will be in a stronger position to invest in future growth."
Shares in NCC were down 2.2% to 127.40 pence each in London on Thursday morning.
By Sophie Rose, Alliance News senior reporter
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