Veritas subsidiary Peraton acquires Perspecta for $7.1bn
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Veritas subsidiary Peraton acquires Perspecta for $7.1bn

07 May 2021 (Last Updated May 7th, 2021 15:56)

Veritas Capital portfolio company Peraton has completed the acquisition of government IT services provider Perspecta in an all-cash deal of $7.1bn.

Veritas subsidiary Peraton acquires Perspecta for $7.1bn
Peraton has completed the acquisition of government IT services provider Perspecta. Credit: Sambeet D from Pixabay.

The latest acquisition was originally announced in January and follows Peraton’s acquisition of Northrop Grumman’s IT services business in February.

According to Veritas, the combination of Perspecta, Peraton, and Northrop Grumman’s IT business will create a leading government IT provider capable of providing end-to-end capabilities in IT and mission support.

Peraton chairman, president and CEO Stu Shea said: “The new Peraton represents a truly transformative change for the industry, our customers, and each one of our employees.

“We have the right team, the right technology and the right scale to deliver against the biggest challenges facing government. Our highly skilled and diverse team provides secure, repeatable and differentiated solutions aligned to our customers’ goals.

“We will fuse mission-enabling services with market-leading enterprise offerings and solutions to identify the best use of new technology and help customers achieve positive business outcomes.”

The new company will function as Peraton and will be led by Stu Shea.

Peraton said that it had aligned the new company around nine business organisations, namely Space and Intelligence, Cyber Mission, Defense Solutions, Citizen Security and Public Services, Global Health and Financial Solutions, Peraton Labs, Navy and Marine Corps, SRI, as well as System Engineering.

The Veritas-backed firm has annual revenues of about $7bn, a current backlog of approximately $24.4bn, and a three-year qualified pipeline of $200bn. Peraton employs a workforce of 22,000 members.

Veritas CEO and managing partner Ramzi Musallam said: “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.”