6 Mar 2020
Sale of Context
Babcock, the aerospace and defence company, has completed the sale of Context, a leading cyber defence consultancy, to Accenture for a cash consideration of £107 million.
Context provides high-end cyber defence services across a range of industries including financial services, government, aerospace and defence and critical infrastructure. It is headquartered in London, UK, and employs over 250 people across the UK, Germany, USA and Australia. Context was part of the Group’s Marine sector. For the year ended 31 March 2019, it had operating profit of £2 million. As at 30 September 2019, Context had gross assets of £36 million.
This deal continues Babcock’s strategy of streamlining our portfolio by realising value from businesses outside our core strategy.
Archie Bethel, Chief Executive, said: “Context is an exciting business and has achieved a great deal in the area of cyber security. We wish Accenture well in taking the business forward from here. This transaction represents a further focusing of our business and supports our medium term strategy.”