BAE Systems has agreed a EUR217 million takeover of Norkom Technologies, a Dublin-based provider of anti-fraud and compliance software to the financial services industry.
Under the terms of the offer, Norkom stockholders will receive EUR2.10 in cash a share, a premium of 36% on yesterday's closing price of EUR1.54. The board is unanimously recommending the offer to shareholders.
Established in 1998, Norkom claims clients, including six of the world's top 10 financial services firms, in 100 countries for its anti-fraud and anti-money laundering technology.
Headquartered in Dublin, with offices in the UK, US, Canada, Belgium, Germany, Australia and Singapore, the company posted a three per cent increase in revenue and a 12% rise in Ebitda for its 2009-10 full year results.
Norkom's business is seen as a complementary fit with BAE's digital security arm, Detica, which offers automated fraud detection and monitoring capabilities to global enterprise clients.
Ian King, CEO, BAE Systems, says: "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."