Westcon Invests £35m in Acquisition of NOXS Security

Datatec Limited, via its subsidiary Westcon Group, has conditionally agreed, as at 26 February 2007, to acquire NOXS Europe B.V. and NOXS Ireland Ltd., a leading European distributor of security products and services, from Unit 4 Agresso N.V. for a maximum cash consideration of €53.25 million (approximately US$69.4 million).

NOXS is a leading European distributor of security products and services with offices in France, Belgium, The Netherlands, Germany, the United Kingdom, Ireland and Italy NOXS’ primary vendors include Juniper Networks, Checkpoint Systems, Trend Micro, Nokia and McAfee.

NOXS generated over $220 million of revenue in the year ended 31 December 2006, considerably more than Westcon’s comparable revenues from security-related products in Europe. Its EBITDA and EBIT for the year to 31 December 2006 were approximately US$9.3 million and US$8.4 million respectively. The net tangible assets being acquired are approximately US$45 million as at 31 December 2006. The business is being acquired on a debt/cash free basis.

NOXS’ product portfolio encompasses firewall/VPN, anti-virus, content security, encryption, Security 3A (administration, authorization and authentication), security enforcement and e-business. It also has a services business including training, pre and post sales support and managed services through its 4SureIT division.

Completion of the Acquisition is subject to European merger approval which is currently expected to be received in early April 2007.

Jens Montanana, Chief Executive of Datatec, commented, “This is a strategic acquisition for Datatec. It immediately positions Westcon as a leading multi-national security distribution company, and provides substantial additional scale in Europe. Significantly, this acquisition also gives Westcon access to new vendors as well as providing an enlarged footprint to distribute its existing product lines into new markets and territories.”

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