“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 Northrop Grumman’s (NYSE: NOC) IT and mission support services business for $3.4 billion in cash.”
“The business will combine with Peraton, a portfolio company of Veritas Capital and trusted provider of highly differentiated intelligence, cyber, defense, space, homeland security and communications capabilities to select federal agencies and commercial entities. The combination creates a leading government mission capability integrator and IT provider focused on delivering high-end technology-enabled services and unparalleled support to a broad range of critical government missions. The combined company will operate under the Peraton name and will be led by Peraton Chairman, President & Chief Executive Officer Stu Shea.”
“The completion of this transaction brings together two dynamic businesses with complementary, mission-critical solutions and capabilities, creating an industry-leading platform with a shared commitment to customer success,” said Ramzi Musallam, Chief Executive Officer and Managing Partner of Veritas. “This milestone kicks off the next exciting phase of growth for Peraton, and we look forward to working closely with Stu and the rest of the leadership team to continue delivering high-end, technology-enabled services that meet the complex needs of government agency customers.”
“With the successful completion of this transformational acquisition, we’re excited to welcome the many talented employees from Northrop Grumman’s integrated mission support and IT solutions business to the Peraton family,” said Stu Shea. “Together we will position Peraton to deliver an unrivaled range of trusted technology capabilities and solutions to support customers’ missions of consequence across the Intelligence Community, Department of Defense, federal civil and health agencies, and state and local governments.” Read the full press release here.
Source: Veritas Capital Completes Acquisition of Northrop Grumman’s IT and Mission Support Services Business – February 1, 2021. Business Wire.
Northrop Grumman was named to the list of NXT UP firms poised to make big waves in the Federal sector in 2020 and for years to come.
