29th Sep 2016 13:36
LONDON (Alliance News) - FTSE 250-listed NCC Group PLC Thursday said it has acquired US-based cyber security, payment and compliance consulting services provider Payment Software Co Inc for a maximum USD18.8 million in cash.
NCC will pay an initial USD15 million, with two further payments of up to USD1.9 million each over the next two years, subject to performance related targets. It will finance the buy through its existing debt facilities.
Payment Software reported adjusted earnings before interest, tax, depreciation and amortisation of USD1.6 million for 2015, on revenue of USD9.5 million.
"This earnings enhancing acquisition is part of our strategy to acquire services-led businesses in both Europe and North America, to complement our geographical and technical presence," said Chief Executive Rob Cotton in a statement.
"The addition of PSC, with its quality management team, is an extremely good fit with the rest of our cyber security capabilities. Its board level relationships provide us with an opportunity to improve our customer penetration and bolster our global capabilities, particularly in the US," Cotton added.
Shares in NCC were down 0.1% at 348.10 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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