Newcourt Group acquires STI

Newcourt Group plc has announced that it has acquired Security Technology Ireland Limited (STI) for €2m, of which €0.5m is deferred.

STI will become part of the Federal Security Group, Newcourt’s security and outsource division.

In the year ended December 31, 2005 STI had turnover in excess of €1m and profit before tax of circa €250,000.

Commenting on the announcement Philip Hynes, founder and managing director of STI said that he was very pleased to join the Newcourt Group and looked forward to continuing to service the excellent client base of STI with the additional resources that will now be available to him.