NCC pays cash for credit card auditor

19th Mar 2010 10:30

Software code escrow and IT security group NCC has acquired card payments auditing firm Meridian Services.Consideration for the deal will be no more than £3m, paid in cash, of which £1.1m is payable upfront. Two further payments may be made depending on whether the acquired company hits performance targets.Meridian specialises in conducting payment scheme security audits, and also offers global strategic advisory services for card manufacturing, data preparation and card personalisation. NCC said the acquisition will be earnings enhancing and complements the group's existing capabilities while strengthening its Assurance Testing division's offering. The group expects that Meridian will contribute more than £0.6m of profit before tax in the year to end-May 2012 on revenues that should exceed £1.8m. As at the end of May 2009 Meridian had gross assets of £0.38m.The management team of the Warrington based firm are staying on with the business, which will operate as an autonomous unit within the Assurance Testing division of NCC.'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 NCC chief executive officer Rob Cotton.