2nd May 2014 08:55
LONDON (Alliance News) - NCC Group PLC said Friday that it had acquired Denmark-based security testing services providers FortConsult AS for a maximum of GBP4.0 million in cash, financed from existing debt facilitates and cash flow.
NCC, which provides escrow assurance and domain services, said it would pay an initial GBP2.0 million, with a further payment of GBP2.0 million over the next two years contingent on performance targets.
The company said that the acquisition will increase its presence in mainland Europe and would be earnings enhancing.
FortConsult's management team will stay with the business. NCC said FortConsult was established in 2002 by the current management team, is headquartered in Copenhagen, and employs 25 full-time employees and 15 associates, most of whom are testers.
NCC will publish its full year results July 3.
Shares in NCC were trading up 1.2% at 184.75 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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