Ultra Electronics, the technology company with interests in defence, transport and energy, has agreed to acquire Barron McCann Technology and Barron McCann Payments, two specialist cyber security companies.
Ultra has paid a total of £12m for the firms, which together employ 58 staff.
Known collectively as 'BeMac', the two companies provide baseline grade crypto and key management services to the UK government, military, law enforcement agencies and the finance sector and were purchased to broaden Ultra's crypto portfolio beyond the high-grade domain and also provide access to the lucrative financial services market.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Rakesh Sharma, Chief Executive of Ultra, said: "This acquisition fits Ultra's strategy of having an end-to-end crypto capability within the cyber security market. Under Ultra ownership, BeMac can exploit its strong synergies with AEP Networks and so augment planned growth in international markets."
BeMac will become part of Ultra's existing AEP Networks business in the Tactical & Sonar Systems Division.
NR
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
