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NCC Group PLC Acquisition of Payment Software Company Inc.

September 2016 $18.75m

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growth strategy

Project Abgop

September 2016 $18.75m

About the client

NCC Group is a global information assurance specialist providing organisations worldwide with expert escrow, verification, security consulting, website performance and software testing.

About the deal

Rickitt Mitchell has advised NCC Group plc, the independent global cyber security and risk mitigation expert, on the acquisition of Sillicon Valley based Payment Software Company Inc. (“PSC”) for a maximum consideration of $18.75m in cash.

PSC is a leading provider of cyber security, payment and compliance-related consulting services to the global payments industry as well as the financial and retail sectors.

• In addition to PSC’s cyber security practice, it expands the Group’s presence in the PCI (Payment Card Industry) sector and complements the existing UK PCI business
• PSC works with a broad range of blue chip clients at Board level including major financial institutions and other businesses across the payment sector
• Based in Silicon Valley, with presence in 29 states in the US
• Total consideration of up to $18.75m - initial payment of $15m (subject to completion adjustments), with two further payments of up to $1.875m each, over the next two years dependent on performance related targets
• In the year to 31 December 2015, PSC generated adjusted EBITDA of $1.6m on revenue of $9.5m, with approximately 85% of the revenue annually repeating
• Earnings enhancing and financed from existing debt facilities and internally generated cash flow

“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.”

Rob Cotton | CEO | NCC Group PLC