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.
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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
