NCC Group fundraises to acquire IP management unit of Iron Mountain
Thu, 13th May 2021 12:47
(Alliance News) - IT security company NCC Group PLC on Thursday said it has agreed to buy the intellectual property management business of Iron Mountain Inc for USD220 million in cash, partly funded by a share issue.
The transaction comprises substantially all of the assets of Iron Mountain Intellectual Property Management Inc, together with some other assets of affiliates of Iron Mountain. Iron Mountain Intellectual Property reported revenue of USD32.9 million and earnings before interest, tax, depreciation and amortization of USD21.6 million for 2020.
The proposed transaction is expected to provide NCC with a number of financial benefits, it noted, as well as a greater global presence.
This means they work as a third party with software suppliers and their customers.
Suppliers can periodically put software codes into NCC’s physical or virtual vaults, which can then be accessed by their customers. This keeps the products safe and means they can be accessed in an emergency.
Stock Watch - Kier Group
Construction contractor Kier Group has kicked off a £241million share sale.
Boss Andrew Davies said the fundraising – announced in April – would be the ‘final milestone’ of a restructuring that began in 2019. Kier will put the cash towards paying its £436million debts and bolstering its balance sheet.
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