BAE buys financial crime prevention firm

14th Jan 2011 07:05

UK defence giant BAE Systems has made an agreed offer for AIM-listed financial crime prevention specialist Norkom Group.BAE is offering €2.10 per Norkom share in a deal that values the Dublin-headquartered firm at €217m.The terms represent a premium of around 36% to the share price of Norkom on the last trading day before the bid was announced.BAE already has a presence in the counter-fraud software business after its purchase of Detica Group in 2008, and Norkom's technology will prove complementary to Detica's products, the statement said."Countering financial crime is a priority for governments and financial institutions. There is a compelling logic to the combination of Detica's NetReveal product and the complementary capabilities and customer reach of Norkom. The combination will result in a significantly enhanced offering for customers and present an opportunity for accelerated growth for the BAE Systems Group in the fast growing cyber and intelligence services sector," said Ian King, chief executive of BAE Systems.