UK-based cybersecurity agency NCC Group has agreed to promote its Escode enterprise to entities managed by funding funds managed by TDR Capital for an enterprise worth of £275m ($369.2m).
The consumers are Herringbone Acquisitions Restricted and Herringbone Acquisitions Inc.
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TDR Capital is a European personal fairness agency managing over €15bn. The deal is a part of its funding technique in market-leading companies poised for development.
Escode, previously often called NCC Group Software program Resilience, is a supplier of software program escrow options. It focuses on guaranteeing the supply of important third-party software program via escrow and verification companies that deal with operational resilience and regulatory compliance.
This divestment aligns with NCC’s broader technique to streamline operations and deal with its core cybersecurity companies, addressing growing digital threats and evolving shopper wants.
This transfer follows earlier gross sales of two non-core divisions, Fox-IT DetACT and Fox-IT Crypto, which have been accomplished in April 2024 and March 2025, respectively. Mixed with the sale of Escode, these disposals are anticipated to realize a cumulative enterprise worth of roughly £349m.
NCC’s board will proceed to judge strategic choices for its retained cyber enterprise, together with reviewing the operational overheads mandatory for efficient administration.
NCC CEO Mike Maddison stated: “The sale of Escode completes the divestment of our non‑core actions and permits NCC to focus absolutely on accelerating development in our core cybersecurity resilience enterprise.
“Over the previous 12 months, we’ve reworked the enterprise and strengthened our strategic gross sales functionality, launched know-how‑led, recurring‑income companies, and invested in consulting and implementation capabilities which might be delivering worth.
“Supported by stronger world account administration and a unified gross sales operations operate, we’re properly positioned to deepen shopper relationships, develop recurring income, and advance our cyber‑targeted technique with readability and momentum.”
The agreed gross consideration for the Escode deal is £309.1m, payable in money. After completion changes, NCC expects web proceeds of roughly £262.4m, with transaction prices projected at round £10m.
NCC plans to seek the advice of with shareholders on returning a good portion of those proceeds, with specifics depending on the completion date.
NCC chair Chris Stone stated: “The board believes this settlement represents a superb consequence for shareholders and can permit us to make a big return of capital to shareholders whereas permitting administration to deal with the additional improvement of the worth inherent in our cybersecurity and resilience enterprise.
“Escode is a good enterprise and as introduced on 11 December 2025 in our full 12 months outcomes to 30 September, it has constantly delivered worthwhile development – 13 consecutive quarters of income development on a relentless foreign money foundation.”
The transaction is predicted to finish no sooner than 30 April 2026, topic to regulatory approvals and different circumstances.
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