Britain’s NCC Group, owner of Fox-IT, plans to split up the Dutch security company and sell off parts. Fox-IT CEO Inge Bryan has announced her departure.
This is what de Volkskrant (source in Dutch) writes based on sources. Since the acquisition of Fox-IT in 2015 by the British NCC Group, things have been rumbling at the IT security specialist. This is the case especially with regard to the course to be followed and the corporate culture. NCC Group is a consultant, while Fox-IT is a tech company. Moreover, the British company is publicly traded and is steering for maximum growth.
In recent years, however, Fox-IT, with a large revenue contribution to NCC Group, managed to hold its own and remain independent. In part by focusing more on incident response and assistance with ransomware attacks.
Fox-IT to be split up
The tide appears to be turning. The NCC Group has recently suffered substantial losses due to the deteriorating economic conditions and has seen its stock market value fall sharply. The company is therefore going to reorganize. This involves it becoming a single global company and divesting itself from all non-core activities.
The reorganization has major consequences for Fox-IT. According to insiders opposite the Volkskrant, the security company will be split into three parts. Fox Crypto, which deals with securing (Dutch) state secrets, will be sold. The DetAct business unit for banks to detect financial fraud will also be sold. The rest of Fox-IT will disappear into the NCC Group. Furthermore, the Dutch management will eventually disappear, as will the company name Fox-IT.
Departure of Inge Bryan
Fox-IT CEO Inge Bryan, meanwhile, has announced her departure effective immediately. Bryan will stay on until October this year to manage the sale of Fox Crypto. Her position will be taken over on an interim basis by current COO Harmen Dikkers.