NCC Group, the London-listed technology group, has kicked off a strategic review that could entail a sale of both of its remaining divisions.
Sky News has learnt that NCC has engaged bankers at Rothschild to examine options for its cybersecurity arm, with a sale among the possible options being considered.
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Sources close to the situation said that bulking up the unit through acquisitions or streamlining costs were also under examination, with the process still at an early stage.
A sale of the cybersecurity arm, which provides services to major corporate customers, would effectively precipitate a full break-up of NCC Group as it continues to hold talks with prospective buyers of its other main subsidiary.
In April, Sky News revealed that NCC was being circled by private equity firms interested in acquiring Escode, which specialises in software escrow and verification services, in a deal worth up to £400m.
NCC subsequently confirmed the talks and said last month that discussions – thought to include Montagu Private Equity and Bridgepoint – were ongoing.
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It was unclear on Wednesday whether it had been approached by prospective buyers of the cybersecurity division.
NCC employs about 2,200 people across Europe, North America and Asia-Pacific.
Shares in NCC Group closed on Wednesday modestly higher at 141.6p, giving the company a market valuation of about £444m.
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NCC declined to comment.
