6th Mar 2020 09:57
(Alliance News) - Babcock International Group PLC said Friday it has sold its cyber defence services firm Context to Accenture PLC.
Dublin-headquartered professional services firm Accenture has agreed to pay GBP107 million cash for Context.
Context has 250 staff across the UK, Germany, the US, and Australia but is headquartered in London. It sat within Babcock's Marine unit and recorded an operating profit of GBP2 million in Babcock's year ended March 2019.
At September 30, the business had GBP36 million in gross assets.
"This deal continues Babcock's strategy of streamlining our portfolio by realising value from businesses outside our core strategy," the FTSE 250-listed aerospace and defence company said.
Babcock Chief Executive Archie Bethel added: "Context is an exciting business and has achieved a great deal in the area of cybersecurity. We wish Accenture well in taking the business forward from here. This transaction represents a further focusing of our business and supports our medium-term strategy."
Shares in Babcock were trading down 2.9% in London on Friday at 415.29 pence each.
By Paul McGowan; [email protected]
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