BAE to Pay $232M Cash for Commercial Cyber Services Firm SilverSky; Ian King Comments

dhs-cyberBAE Systems PLC has agreed to acquire commercial cybersecurity services provider Perimeter Internetworking Corp. — which does business as SilverSky — for $232.5 million cash.

BAE expects to close the transaction before the end of this calendar year upon the receipt of regulatory approvals, the London-based defense contractor said Tuesday.

SilverSky, which operates primarily in the U.S. and also holds a presence in Asia and Europe,  expects to generate $75 million in sales for the 2014 calendar year and has 5, 500 customers in commercial markets such as financial services, retail, healthcare, energy, critical infrastructure and manufacturing.

BAE says the deal will start to increase its earnings in the third year after the transaction closes.

“The acquisition of SilverSky enhances our strategy to grow our Applied Intelligence commercial cyber security business, ” said Ian King, BAE chief executive.

Earlier this month, BAE announced its appointment of Kevin Taylor to lead the Applied Intelligence organization, nearly eight months after the company adopted the Applied Intelligence brand from the former name of Detica.

King said the addition of SilverSky to BAE will create a business that will “offer corporate clients a suite of products and services to protect critical information and networks and detect cyber threats and financial crime.”

More than 400 people work for SilverSky, which has principal operations in the Philippines and offers cloud-based managed security services to clients for email protection, network security and managed applications.

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