NCC Group completes £65m disposal of its Fox Crypto operation in Netherlands

Manchester-based tech business, NCC Group, has completed the disposal of Fox Crypto BV, part of its European Cyber division in the Netherlands.

The deal, which was announced last August, is worth £65m.

Fox Crypto contributed revenue and EBITDA of approximately £18m and £4m, respectively, in the 12 months ended May 31, 2024.

The consideration represented a 2024 EBITDA multiple of 16.5x.

Fox Crypto was previously a stand alone entity, and the disposal does not impact the group’s continuing cyber capabilities.

The gross proceeds will be used to repay the group’s revolving credit facility borrowings, reduce group net debt and facilitate growth in the cyber security business.

Group net debt following this disposal, as at March 31, 2025, is expected to be in the range of nil-£3m.

This is consistent with previous guidance of paying down group net debt prior to the board’s decision to buy additional shares for the Employee Benefit Trust in December 2024, worth around.£6m.

NCC said the disposal represents a continuation of the group’s transformation strategy to simplify the business and create a more focused cyber security business.

It said both its cyber and escode businesses provide the benefit of a portfolio effect to the overall group performance with clear future growth opportunities to enhance shareholder value.

The group is due to announce interim results for the period ended March 31, 2025, on June 19, 2025 and will be hosting an immersive cyber security capability event on May 1, 2025.

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