NCC Group Acquires Matasano For $13 MillionNCC Group Acquires Matasano For $13 Million
Purchase of Matasano is the Group's eighth in the network testing and software security space
August 2, 2012
NCC Group plc (LSE: NCC, "NCC Group" or "the Group"), the international, independent provider of Escrow and Assurance Services, has acquired US-based Matasano Security LLC (Matasano), an independent security research and testing services provider, for a maximum consideration of £8.4m ($13.0m) in cash.
· Matasano is a leading US security testing services provider with numerous blue chip clients particularly in software, IT, internet and financial services
· Provides a range of services to detect security flaws in applications, systems and networks, using penetration testing, reverse engineering and source code review techniques
· Substantially increases NCC Group's presence in New York and Chicago and will further enable the Group to provide customers with one stop testing services across US and Europe
· Consideration of £8.4m - initially £4.2m, then two further payments up to £4.2m in total over next 24 months against performance related targets
· Immediately earnings enhancing
· Year to 30 June 2012, Matasano revenue was $5.0m
· Financed from existing debt facilities and internally generated cash flow.
Rob Cotton, NCC Group Chief Executive, said:
"Matasano is a highly respected industry player and this acquisition is a key strategic development for us. It substantially increases our presence and profile in the US, particularly within the important east coast market, considerably widening our capabilities and industry IP and bringing a number of leading blue chip technology customers.
"We are delighted that the very experienced and successful management team is staying with the Group. We are confident that they will continue to enhance their reputation as well as Matasano's excellent financial track record of growth, supported by our Group resources and the wider international client base."
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