NCC Group, the Manchester-based global cyber security and software escrow firm, announced the disposal of DetACT, an advanced preventive fraud detection solution for banks in Europe, to DataExpert BV for a total gross consideration of €9 million.

The net proceeds from the transaction — expected to be €8.3 million — will be used to pay down net debt.

“DetACT is a non-core offering within NCC’s European Cyber Security division serving European financial service clients,” said the Manchester firm.

“DetACT’s new ownership will provide a focused investment strategy for the business, to enable it to grow and continue to innovate, delivering greater value for existing and future clients.”

NCC Group CEO Mike Maddison said: “The sale of DetACT is part of our ongoing Next Chapter strategy announced in February 2023, which is to release non-core assets from our portfolio and enable us to focus on growing our core business.

“The management team of DetACT has built a profitable and stable business serving financial services clients in Europe and I am confident that under the new ownership of DataExpert BV they will be in a stronger position to invest in future growth.”