'Now is the time to buy' - say security boss

Alex van Someren, chief executive of UK internet security firm nCipher, said the poor economic conditions worldwide made it a good time for acquisitions.

van Someren said his firm intended to use its cash reserves to pick up a rival player but wouldn't be drawn on specifics. "There are plenty of European and US security businesses that are potential targets."

Speaking to the FT van Someren also admitted sales were continuing to suffer in Europe, particularly in Germany. But there were signs, he added, that the worse may be over in the US.

"The market continues to be tough and people have their hands in their pockets but there is some evidence that the US market, which had been falling precipitously, was doing less so in the third quarter," he told the paper.