Combination with Peraton creates leading government technology platform
Veritas Capital ("Veritas"), a longstanding investor in companies operating at the intersection of technology and government, today announced that an affiliate of Veritas has completed its previously announced acquisition of Perspecta Inc. (NYSE:PRSP) ("Perspecta"), a leading U.S. government services provider, in an all-cash transaction valued at $7.1 billion.
Perspecta will combine with Peraton, a portfolio company of Veritas and a leading provider of trusted and highly differentiated national security solutions and technologies. In February 2021 Peraton completed its acquisition of Northrop Grumman's IT and mission support services business for $3.4 billion. The combination of Perspecta, Peraton, and the legacy Northrop Grumman business creates a top government technology platform with end-to-end capabilities supporting missions of consequence and long-standing, franchise relationships across the federal and state and local governments. The combined company will operate under the Peraton name and will be led by Peraton Chairman, President & Chief Executive Officer, Stu Shea.
"Perspecta has always been a differentiated, innovative leader in this industry, and this combination with Peraton will create a powerhouse within the government technology market," said Ramzi Musallam, Chief Executive Officer and Managing Partner of Veritas. "With unparalleled capabilities and a deep bench of highly skilled employees, the combined Peraton is poised to drive enhanced value for all of its stakeholders. We look forward to investing in the long-term success of the unified enterprise and to working closely with Stu and management to support our customers' most vital missions."
"This is a truly transformational acquisition for Peraton and for our industry and we are thrilled to welcome our talented new colleagues from Perspecta," said Stu Shea. "This milestone follows our recent acquisition of Northrop Grumman's integrated mission support and IT solutions business and further strengthens Peraton's leading position within the government technology market. We are confident that with Veritas' continued support, we will be well-positioned to deliver highly differentiated solutions that meet the mission-critical needs of our combined customer base."
About Peraton
Peraton drives missions of consequence spanning the globe and extending to the farthest reaches of the galaxy. As the world's leading mission capability integrator and transformative enterprise IT provider, we deliver trusted and highly differentiated national security solutions and technologies that keep people safe and secure. Peraton serves as a valued partner to essential government agencies across the intelligence, space, cyber, defense, civilian, health, and state and local markets. Every day, our 22,000 employees do the can't be done, solving the most daunting challenges facing our customers. Visit Peraton.com/News and follow Peraton on LinkedIn for news and updates.
About Perspecta Inc.
At Perspecta (NYSE:PRSP), we question, we seek and we solve. Perspecta brings a diverse set of capabilities to our U.S. government customers in defense, intelligence, civilian, health care and state and local markets. Our 280+ issued, licensed and pending patents are more than just pieces of paper, they tell the story of our innovation. With offerings in mission services, digital transformation and enterprise operations, our team of engineers, analysts, investigators and architects work tirelessly to not only execute the mission, but build and support the backbone that enables it. Perspecta was formed to take on big challenges. We are an engine for growth and success and we enable our customers to build a better nation. For more information about Perspecta, visit perspecta.com.
About Veritas Capital
Veritas is a longstanding investor in companies operating at the intersection of technology and government. The firm invests in companies that provide critical products, services and software, primarily technology and technology-enabled solutions, to government and commercial customers worldwide, including those operating in the healthcare, national security, software, education, aerospace & defense, government services, communications, and energy industries. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means.
Leveraging technology to make a positive impact across vitally important areas, such as healthcare, education, and national security, is core to Veritas. We are proud stewards of national assets, helping to improve the quality of healthcare while reducing cost, advance our educational system, and protect our nation and allies. For more information, visit www.veritascapital.com.
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