Manchester-based global cyber security firm NCC Group plc announced on Wednesday it has sold its software escrow Escode business to private equity firm TDR Capital LLP for a total enterprise value of £275 million, creating a pure-play global cyber security and resilience business.
NCC also announced a share buyback programme of up to £70 million or a maximum of 31 million shares.
“The sale of Escode is consistent with NCC’s strategic plan to simplify the business and focus on creating a pure-play cyber security resilience service proposition with multiple growth drivers including an ever-increasing threat landscape, digital adoption and a shortage of the necessary skills to meet evolving client needs,” said NCC.
NCC chair Chris Stone said: “The Board believes this agreement represents an excellent outcome for shareholders and will allow us to make a significant return of capital to shareholders while allowing management to focus on the further development of the value inherent in our Cyber security and resilience business.
“Escode is a great business and as announced on 11 December 2025 in our full year results to 30 September, it has consistently delivered profitable growth – 13 consecutive quarters of revenue growth on a constant currency basis. I want to thank the Escode management team and colleagues who have driven that success.
“Under the new stewardship of TDR, which has a strong track record of building category-leading business services companies, Escode will be well positioned to accelerate growth and continue to strengthen its leadership in the software escrow and verification market.”
NCC CEO Mike Maddison said: “The sale of Escode completes the divestment of our non‑core activities and allows NCC to focus fully on accelerating growth in our core Cyber security resilience business.
“Over the past year, we have transformed the business and strengthened our strategic sales capability, introduced technology‑led, recurring‑revenue services, and invested in consulting and implementation capabilities that are delivering value.
“Supported by stronger global account management and a unified sales operations function, we are well positioned to deepen client relationships, grow recurring revenue, and advance our cyber‑focused strategy with clarity and momentum.
“I echo Chris’ thanks to the entire Escode team for their consistency and dedication in driving the business to where it is today. We’ll work to ensure a smooth transition for colleagues and customers as we work towards Completion.”