NCC Group exploring options for Escode business

Cybersecurity firm NCC Group said late on Monday that it is exploring a number of options for its Escoe business, including a potential sale.

In a statement responding to press speculation, the company said the process is at a very early stage.

"No proposals have as yet been received, and no decision has been made on whether to proceed with any transaction," it said. "The company will keep shareholders updated as and when appropriate."

The statement came after Sky News reported that private equity firms Montagu Private Equity and Bridgepoint were among the buyout firms interested in bidding for Escode, which specialises in software escrow and verification services.

Sky cited City sources as saying that a deal for Escode could be worth between £300m and £400m.