NCC Group has agreed to acquire Iron Mountain’s Intellectual Property Management business for a cash consideration of US$220m (£156m).
IPM is a provider of software resilience services to a large and diverse US market, the acquisition of which will make the US region the largest contributor of the division’s revenues and profits. IPM reported revenue of US$32.9m (£23.3m) and EBITDA of US$21.6m (£15.4m) for the 12 months ended 31st December 2020.
Adam Palser, CEO, NCC, commented: “This acquisition will transform NCC Group’s Software Resilience business, making it a market leader, and deliver immediate financial and operational benefits to the whole of the group. The IPM Business shares many similarities with our own Software Resilience business, including a commitment to providing exemplary service for clients. There are tremendous opportunities to grow the combined business by offering IPM’s blue-chip clients the choice of new services and support.
"Following completion, NCC Group will be a stronger and broader business with an even greater ability to support clients in the ceaseless struggle against cyber crime in all its forms.”
The business currently serves over 6,000 customers, with a client retention rate of 86%.
As part of the transaction, IPM's current team, led by John Boruvka and Joy Egerton, is expected to be retained.
The deal is expected to close in June 2021.
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