NCC Group announced on 2 August 2012 that it had acquired Matasano Security for maximum consideration of £8.4 million ($13.0 million) in cash. NCC Group’s later financial reporting dates completion to 1 August 2012 and gives a different sterling maximum, so the $13 million figure should be understood as the amount in the original announcement—not a separately confirmed final payment.
When did NCC Group acquire Matasano Security?
NCC Group announced the acquisition on 2 August 2012. In its subsequent financial reporting, the company says it acquired 100% of Matasano Security LLC’s partnership interests on 1 August 2012. The announcement date and completion date are therefore one day apart.
NCC Group’s current history page contains an inconsistent entry that lists “Matasano Security (August 2011)” alongside “Matasano (August 2012).” The dated acquisition announcement and financial reporting identify the Matasano Security LLC transaction as a 2012 deal. NCC Group’s history page should not be taken to mean that this acquisition happened in 2011.
How much did NCC Group say it would pay?
NCC Group’s 2 August 2012 announcement stated maximum consideration of £8.4 million ($13.0 million) in cash. It also reported that Matasano had revenue of $5.0 million for the year ended 30 June 2012. These are company-reported figures in the acquisition announcement.
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In its 2013 full-year results, NCC Group later reported maximum consideration of £8.1 million, including up to £4.3 million withheld subject to performance criteria. That report also dates the acquisition to 1 August 2012. The published figures differ: the 2012 announcement gives the $13.0 million equivalent and an £8.4 million sterling maximum, while the later financial report gives an £8.1 million maximum and describes contingent consideration. The reports do not establish why the sterling maximums differ, so they should be attributed to their respective documents rather than treated as directly interchangeable or as proof of the final cash paid. NCC Group’s 2013 full-year results.
What did Matasano Security do?
NCC Group described Matasano as “an independent security research and testing services provider.” Its work included finding flaws in applications, systems, and networks through:
- Penetration testing
- Reverse engineering
- Source code review
The announcement said Matasano served clients particularly in software, IT, internet, and financial services. NCC Group’s announcement is the source for that description and the reported revenue figure.
Why did NCC Group buy the company?
NCC Group said the acquisition would strengthen its US presence, especially in New York and Chicago, broaden its information security assurance services, and complement its existing capabilities so it could offer customers testing across the US and Europe. These were the acquirer’s stated aims; the announcement alone does not establish the extent to which those outcomes were achieved.
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Was Matasano acquired in 2015?
No. 2015 marked a later branding and integration change, not the acquisition. NCC Group said that from 1 June 2015 its North American security consulting services previously offered under names including Matasano would be provided under the NCC Group name alone. NCC Group’s 2015 announcement describes that transition.
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