NCC Group to acquire Accumuli
Manchester-based security firm NCC Group Plc. has agreed to buy AIM-listed security and risk management consultancy Accumuli for around £55 million, in order to boost operational support, incident management and its own consulting business.
NCC is paying approximately 32.8p per share for Accumuli, which has five offices across the UK, and which has been growing quickly - the firm is expected to post earnings of £27 million in the year to end in March, up from £16.6 million in its last financial year.
Accumuli Shareholders will be entitled to receive 0.1218 of new NCC Group shares and 5.97 pence in cash for each Scheme share. In terms of management, NCC Group CEO Rob Cotton will lead the enlarged group, and Paul Mitchell with be non-executive chairman. Accumuli's non-executive directors intend to resign from Accumuli's board on completion of the acquisition.
Cotton said in a statement: "The addition of Accumuli will enable us to provide a wider and more comprehensive range of security solutions and services. In this dynamic and rapidly growing international market, customers are now looking for the type of 24/7 operational security support and incident management offered by Accumuli in addition to our consulting capabilities.
"Accumuli is notably aligned with us in the security space and brings valuable new capabilities and will enable us to expand our development teams.
"We have already been bidding jointly together on a number of projects, and with Accumuli as part of the Group, we will be able to bid for complex projects in a sole capacity. The acquisition provides an opportunity to develop our core consulting business across a wider customer base.
"These earnings enhancing acquisition is another important step in our ambition to provide a comprehensive package of security solutions and services - our customers' need for an organisation with a wider range of cyber security capabilities continues to grow."
Nick Kingsbury, non-executive chairman of Accumuli, added: "The Accumuli Board is pleased to recommend this Acquisition, and feels that the structure of the Offer should allow Accumuli Shareholders to benefit from the potential advantages of the two businesses combining. The deal should also be highly beneficial to our existing customer base."