NCC Group, the London-listed technology group, has initiated a strategic review that could potentially result in the sale of both of its remaining divisions.
Sky News has learned that NCC has enlisted the help of bankers at Rothschild to explore options for its cybersecurity arm, with a sale being one of the possibilities under consideration.
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Sources close to the situation have indicated that options such as expanding the unit through acquisitions or reducing costs are also being evaluated, although the process is still in its early stages.
A sale of the cybersecurity arm, which offers services to significant corporate clients, would essentially lead to a complete breakup of NCC Group as it continues discussions with potential buyers for its other primary subsidiary.
In April, Sky News reported that private equity firms were showing interest in acquiring Escode, a company specializing in software escrow and verification services, from NCC in a deal potentially valued at up to £400m.
NCC subsequently confirmed these discussions and mentioned last month that talks, believed to involve Montagu Private Equity and Bridgepoint, were ongoing.
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It remains unclear as of Wednesday whether NCC has been approached by potential buyers for the cybersecurity division.
NCC has a workforce of approximately 2,200 individuals spread across Europe, North America, and Asia-Pacific.
At the close of trading on Wednesday, shares in NCC Group were marginally higher at 141.6p, giving the company a market capitalization of around £444m.
NCC has chosen not to provide any comment on the matter.