By Ross Wilkers
May 10, 2021
Four months on from the initial announcement, private equity firm Veritas Capital has completed its acquisition of Perspecta and merged that company into portfolio government technology firm Peraton.
Peraton now doubles in size to approximately $7 billion in annual revenue nearly three months after the company absorbed the former Northrop Grumman IT services business. That deal alone tripled Peraton’s scale to $3 billion-plus in pro forma annual sales at the time excluding Perspecta.
Nearly three-fourths of Perspecta s stockholders approved the sale of the company on Wednesday, which was the final hurdle to clear in closing the deal. Veritas held 11.7 percent of the stock before moving to acquire the whole and combine it with Peraton.
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.
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Peraton has completed the acquisition of government IT services provider Perspecta. Credit: Sambeet D from Pixabay.
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.
Peraton Completes Acquisition of Perspecta, Creating Leading Mission Capability Integrator and Transformative Enterprise IT Provider yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Peraton names leaders for after Perspecta deal closes
Ahead of the close of its combination of Perspecta, Peraton has unveiled the executive team that will lead the future combined company.
We’ve previously reported that Stu Shea, Peraton CEO, will continue on as CEO of the company. Perspecta CEO Mac Curtis has announced his intent to retire.
The team Shea announced in a company-wide memo released in this Securities and Exchange Commission filing includes a mix of a Peraton and Perspecta executives, with a couple folks from the recent acquisition of Northrop Grumman’s IT services business.
Corporate leaders include:
GISuser.com
USGIF Announces 2021 Lifetime Achievement Award Recipient
April 15, 2021 By Editor
Stu Shea will receive the Arthur C. Lundahl-Thomas C. Finnie Lifetime Achievement Award at USGIF’s GEOGala Dec. 3.
Herndon, Virginia (April 15, 2021) The United States Geospatial Intelligence Foundation (USGIF), is pleased to announce that GEOINT community icon Stu Shea will be awarded the 2021
GEOGala, Dec. 3. Stu has nearly four decades serving both government and industry in the intelligence, defense, aerospace and government services markets. His energy, customer focus and dedication of his life’s work to the tradecraft of mapping, charting and geodesy (MC&G), imagery analysis, and intelligence make him the deserving candidate of this prestigious award. Stu currently serves as the CEO of Peraton, where he leads the company’s strategic direction, and drives the company’s performance and culture through his vision and guidance. Stu is also a founder of USGIF and the high