Information assurance firm NCC Group has completed a £156m acquisition which forms part of a bid to make it a market leader.
The Manchester-based group, whose service areas cover cyber security consulting and managed services, announced in May that it had agreed to buy the Intellectual Property Management (IPM) business of US IT giant Iron Mountain Inc.
IPM is a provider of software resilience services to a "large and diverse US market".
At the time NCC said the combination of the two firms will provide "immediate additional scale" to its core software resilience business, making the US region the largest contributor of the division's revenues and profits.
The firm also raised £70m through a share placing to help fund the acquisition.
In an update to the London Stock Exchange this morning, NCC Group confirmed that the deal had been completed.
Adam Palser, CEO at NCC Group, said: "Bringing our two businesses together provides a robust platform for growth – particularly in North America but also for all of our Software Resilience division and NCC Group as a whole.
"IPM shares many similarities with our own business, including a commitment to providing exemplary service for customers. There are tremendous opportunities to grow the combined business by offering IPM's blue-chip customers further resilience through our extensive cyber security portfolio.
"I am delighted to welcome our new colleagues from IPM to NCC Group today and I look forward to what the future will bring."
Simon Fieldhouse, global managing director, NCC Group Software Resilience, added: "The priority is to ensure our new customers continue to benefit from the high standards of excellence they are accustomed to. We’ll ensure all customers continue to be supported by the same team by focusing on a smooth transition from IPM to NCC Group’s Software Resilience business.
"The combined business will be committed to helping customers improve their software resilience so they can confidently adopt, innovate and manage new and existing technology opportunities."
William Rix, senior director for corporate banking origination at HSBC UK, said: "It's an exciting time for NCC Group and we're delighted to support the company with this compelling acquisition.
"HSBC UK is proud to have been Agent for the club of banks on this transaction, supporting one of the most significant FTSE250 cross-border acquisition financings so far in 2021.
"It’s a credit to all parties involved that this momentous deal has been conducted remotely during the pandemic with such success."
