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NCC Group acquires credit card auditor Meridian for up to £3 mln

NCC Group acquires credit card auditor Meridian for up to £3 mln

NCC Group (LSE: NCC) has acquired card services auditing and assurance company Meridian Services International Limited in a cash-only deal that could be worth up to £3 million.

NCC will pay an initial £1.1 million upon completion with two further payments of up to £1.9 million against performance related targets over the next 26 months, all of which will be financed from the group’s existing debt facilities and internally generated cashflow.

The business is expected to contribute over £0.6m of profit before tax on revenues in excess of £1.8 million in the year ending May 2012. Meridian had total assets of £381,502 at the end of May 2009.

“This acquisition is an important step as Meridian's broad range of services, extensive expertise and credentials complement and strengthen the existing offerings for information security, auditing and compliance, an area where we have seen significant growth and where we have a strategy to become a market leader,” said chief executive of NCC Group Rob Cotton.

Meridian specialises in conducting payment scheme logical and physical security audits, as well as offering global strategic advisory services for card manufacturing, data preparation and card personalisation. Its customers include a number of manufacturers of personalised credit cards on behalf of MasterCard and VISA worldwide.

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NCC Group Timeline

July 04 2013

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