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Acquisition of second software escrow business, Source Harbor Inc.
07 Jul 2006
Acquisition of second US software escrow business
NCC Group plc
(AIM: NCC), the independent provider of IT assurance, security and
consultancy services, has acquired its second US-based software escrow
solutions business, Source Harbor Inc, for a maximum consideration of
$1.5m (£0.8m) in cash.
The business was established three years
ago and operates out of the San Francisco area. This acquisition
strengthens NCC Group's US operation, based in Silicon Valley. NCC
Group initiated its US expansion strategy with the acquisition in
January of one of the top five US escrow providers based in San Jose.
Source
Harbor is expected to deliver circa $0.2m (£0.1m) per annum of
renewals, with the business making a contribution to the profits of NCC
Group immediately. The acquisition is net working capital neutral.
NCC Group is publishing its preliminary results for the year to 31 May 2006 on 18 July 2006.
Rob Cotton, NCC Group Chief Executive, said:
"This
second US acquisition confirms our commitment to the US market and our
strategy to build a presence in this important market both by
acquisitive growth and organically. It is earnings enhancing and fits
neatly with our San Jose operation."
Enquiries:
NCC Group - 0161 209 5432
Rob Cotton, Chief Executive
Paul Edwards, Group Finance Director
College Hill - 020 7457 2020
Adrian Duffield/Corinna Dorward
