International softwareescrow
servicesproviderNCC Grouphas acquired Escrow Europe
Holdings in a £7.8m deal.
NCC said the acquisition will increase the group's share of the
European escrow market and increases its international
presence.
Escrow Europe provides escrow services, which safeguard software
customers against events such as supplier bankruptcy, to 10,000
mainly European clients.
The company is based in the Netherlands, with a subsidiary in
Germany and franchised sales operations in Switzerland, Belgium,
Sweden, South Africa and Israel.
Rob Cotton, NCC Group's chief executive, said the acquisition
would increase the number of businesses and applications protected
by NCC's services.
NCC is to make an initial payment of £5.5m to be followed by a
performance related payment of up to £2.3m to be made in two parts
at the end of March and June 2008.
NCC expects the company to contribute over £745,000 of profits
in the first year of NCC ownership. It will trade as Escrow Europe,
an NCC Group company.