Last checked at 21 Dec 2023 08:02
21 December 2023
NCC Group plc
Strategic disposal of DetACT
NCC Group plc ("NCC" or the "Group"), a people-powered, tech enabled global cyber security and software escrow business, announces the disposal of DetACT, an advanced preventive fraud detection solution for banks in Europe, to DataExpert BV for a total gross consideration of ?9.0m (the "Proposed Disposal").
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.
Mike Maddison, NCC Group CEO, commented:
"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."
Terms of the disposal
NCC Group, through its wholly owned subsidiary Fox-IT Holdings BV, announces the sale of DetACT to DataExpert BV for a total cash consideration of ?9.0m. This is subject to a potential net working capital adjustment and normal completion requirements and is payable on completion in January 2024. The net proceeds (expected to be c.?8.3m) from the transaction will be used to pay down net debt of the Group.
For the full year to 31 May 2023, DetACT generated revenue of c.?5.5m, made an adjusted operating profit of c.?0.8m and had gross assets of c.?18m. All 41 employees including the management team will transfer with the trade and assets.
The disposal involves a Transactional Services Agreement to allow an efficient transition of the business to DataExpert BV.
The disposal constitutes a Class 2 transaction for the purpose of the Financial Conduct Authority's Listing Rules.
Enquiries:
NCC Group (www.nccgroupplc.com) | +44 (0)7824 412 405 |
Yvonne Harley | |
H/Advisors Maitland | +44 (0)20 7379 5151 |
Sam Cartwright
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About NCC Group plc:
NCC Group is a people-powered, tech-enabled global cyber security and software escrow business.
Driven by a collective purpose to create a more secure digital future, c.2,200 colleagues across Europe, North America and Asia Pacific harness their collective insight, intelligence, and innovation to deliver cyber resilience for over 14,000 clients across the public and private sector globally.
With decades of experience and a rich heritage, NCC Group is committed to developing sustainable solutions that continue to meet clients' current and future cyber security challenges.