“Veritas Capital (“Veritas”), a longstanding investor in companies operating at the intersection of technology and government, today announced that an affiliate of Veritas has signed a definitive agreement to acquire the federal IT and mission support services business of Northrop Grumman (NYSE: NOC) for $3.4 billion in cash…”
“The business provides a wide range of advanced technology solutions including cybersecurity, data analytics, cloud, mission-critical application development and advanced engineering to defense, intelligence, space, civil and health customers. The business expects to generate $2.3 billion in revenue in 2020…”
“At the close of the transaction, Veritas expects to combine the business with its portfolio company Peraton, a trusted provider of highly differentiated space, intelligence, cyber, defense, homeland security and communications capabilities to select federal agencies and commercial entities. The combination will create a leading government mission capability integrator and IT provider focused on delivering high-end technology-enabled services. Peraton Chairman, President & Chief Executive Officer Stu Shea will continue to lead the combined business.”
“We look forward to welcoming the federal IT and mission support services business’ experienced team to Peraton. With this addition, we will continue to position Peraton as an industry leader, applying the technology and mission understanding that will solve our customers’ most daunting challenges and mission needs,” said Stu Shea. “Our differentiated, complementary solutions and deep relationships with our respective customer bases give us the scale and resources to continue to address the evolving needs of government customers…”
“The transaction is expected to close in the first half of 2021. It is subject to customary closing conditions and regulatory approvals.”
Read the full press release here.
Source: Veritas Capital to Acquire the Federal IT and Mission Support Services Business of Northrop Grumman, December 7, 2020. Business Wire.
G2X TAKE: While this deal extends well beyond Federal Health, the news that these two consulting powerhouses will be joining forces will clearly be big news to firms in the Federal Health sector as Peraton, the former Harris Corporation Government Services business, which was acquired by Veritas Capital in 2017, greatly expands their presence in both the Federal civil and health marketplaces while continuing to add to their capabilities in the mission-critical IT domain.
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