Northamber acquires Irish cybersecurity distributor

1st Jul 2024 09:21

(Sharecast News) - Audiovisual and information technology distributor Northamber said on Monday that it has acquired Irish cybersecurity solutions firm Renaissance Contingency Services in a deal worth up to €900,000.

Northamber said it would acquire Renaissance via a cash payment, which will be funded from its existing cash resources, and stated the addition of the business would build on its "almost 30-year heritage in cyber security", a core strategic focus for the company.

The AIM-listed group also said the addition of Renaissance would provide European expansion, strong cross-selling opportunities, and be value enhancing in the first full year of ownership.

Northamber will pay €600,000 in cash following completion, with a performance-based contingent consideration of up to €300,000 to follow, dependent on the unit's underlying earnings over the 2025-27 financial years.

Chairman Alex Phillips said: "Having known Michael and the reputation of Renaissance for many years I am thrilled to be welcoming Renaissance into the Northamber Group. There is a very strong alignment between the values and approaches of the two companies and the importance we place on proactively bringing cybersecurity solutions to our partners. I am looking forward to working with Michael and his team to continue building the Renaissance business in Ireland."

As of 0920 BST, Northamber shares were down 0.89% at 39.15p.

Reporting by Iain Gilbert at Sharecast.com