Manchester's NCC buys Silicon Valley cyber security firm
Manchester-based IT services provider NCC Group has bought a Silicon Valley cyber security and payment consultancy.
NCC has agreed a deal of up to £14.4 million to acquire Payment Software Company, which provides cyber security, payment and compliance-related consulting services to the payments industry and financial and retail sectors.
The initial payment is for £11.5m with two further payments of up to £1.4m over the next two years depending on performance-related targets.
NCC Group chief executive Rob Cotton said: "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.
"PSC is one of a very few companies that can provide expert services and solutions to organisations that require specialist compliance, consulting and cyber security testing services in the substantial and growing global payments industry.
"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."
PSC, which had revenues of £7.3m in 20015, was founded 2004 and has offices in 29 US States and around the world.
This week the UK Government has announced a “groundbreaking” partnership with tech start-ups to develop world-leading cyber security technology.