NCC Group Buys Mobile Security Testing Firm Intrepidus Group for $11 Million

San Francisco, California-based NCC Group today said that has acquired Intrepidus Group, a security research and testing services provider focused on the mobile sector.

NCC Group offers Enterprise Risk Management solutions and other services including software escrow, IT assurance with verification and validation testing, security testing for SaaS applications, due diligence for mergers & acquisitions and more.

In recent years, company has made significant efforts to grow its offerings in security research, testing, forensics, and web performance testing. The acquisition of Intrepidus marks its ninth acquisition in the network testing and software security space.

Just over two weeks ago the company announced that it would pay about $13 Million to acquire Matasano Security, another independent security testing and research and development firm.

Under the terms of the Intrepidus deal, NCC Group will pay up to £7.1m ($11.0m) in cash in cash to acquire the New York, NY-based company which helps customers detect security flaws in mobile devices, applications, systems and networks.

The deal consists of an up front payment of £3.7m ($5.8m) in cash, with two additional cash payments of up to £3.4m ($5.2m) in total against performance related targets over the next two years.

For the year ended July 31, 2012, Intrepidus reported revenue of $3.3 million with much of the future revenues being derived from recurring contracts with blue chip corporations.

“This acquisition is an important strategic development for us as it considerably widens our range of offerings, as well as industry IP, and brings a number of new blue chip technology customers,” said Rob Cotton, Chief Executive Officer at NCC Group.

Intrepidus was founded in 2006 and has 19 employees, most of whom are testers.

The company will trade as Intrepidus, an NCC Group company.