BAE Systems announces recommended offer to acquire Norkom
London, United Kingdom: BAE Systems has today announced a recommended offer to acquire Norkom Group PLC, a provider of innovative counter fraud and anti-money laundering solutions to the global financial services industry where its software assists institutions to comply with regulations on financial intelligence and monitoring. The offer is to acquire the entire issued share capital of Norkom for 2.10 per share in cash, which values the business at approximately 217 million.
Based in Dublin, Norkom has around 350 employees and its financial crime and compliance solutions are deployed in more than 100 countries, monitoring millions of financial transactions a day for its clients.
The proposed acquisition of Norkom is consistent with BAE Systems’ strategy to grow its services business in cyber and intelligence. Norkom, coupled with Detica’s leading counter-fraud software product NetReveal®, will create a strong global player for financial crime and compliance products.
Ian King, Chief Executive BAE Systems, said: “Countering financial crime is a priority for governments and financial institutions. There is a compelling logic to the combination of Detica’s NetReveal® product and the complementary capabilities and customer reach of Norkom. The combination will result in a significantly enhanced offering for customers and present an opportunity for accelerated growth for the Group in the fast growing cyber and intelligence services sector.”
The proposed acquisition of Norkom follows BAE Systems’ acquisition of Detica in 2008 and the recent agreement to acquire ETI A/S, a leading cyber and intelligence company based in Denmark, providing advanced technology products and services to government and commercial clients worldwide. It also follows agreements in 2010 to acquire L1 Identity Solutions, Inc’s Intelligence Services Group in the US and stratsec.net in Australia.
The offer is subject to standard terms and conditions including sufficient acceptances being received from Norkom’s shareholders. The proposed transaction is expected to complete later this year.
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