Intertek (LON:ITRK) has inked a deal to buy network security and assurance services provider NTA Monitor, the blue-chip company has said. The move comes with the FTSE 100 group looks to build its presence in the growing UK cyber security and network assurance market.
Intertek’s share price has been little changed in London in today’s session, having inched 0.18 percent lower to 5,666.00p as of 09:50 BST. The shares are marginally underperforming the broader UK, with the benchmark FTSE 100 index currently standing at 7,712.12 points, flat in percentage terms. The group’s shares have added just under 32 percent to their value over the past year, as compared with about a 3.2-percent rise in the Footsie.
Intertek snaps up NTA Monitor
Intertek announced in a statement this morning that it had acquired UK and Malaysia-based NTA Monitor. The FTSE 100 company expects that the deal will build its presence in the UK security assurance and certification space, which the group argues is one of the largest cyber security markets in the world.
“The demand for cyber security Assurance services will continue to grow rapidly as the regulatory environment intensifies and organisations look to secure their networks,” Intertek’s chief executive André Lacroix commented in the statement, adding that the acquisition strengthened the group’s presence “in the global cyber security certification and assurance space”.
Analysts on FTSE 100 group
The 17 analysts offering 12-month price targets for Intertek for the Financial Times have a median target of 5,000.00p on the shares, with a high estimate of 6,050.00p and a low estimate of 4,350.00p. As of June 1, the consensus forecast amongst 18 polled investment analysts covering the blue-chip group advises investors to hold their position in the company.