Perspecta has begun to trade under the ticker symbol “PRSP” on the New York Stock Exchange after it finalized its separation from DXC Technology (NYSE: DXC) and subsequent merger with Vencore and KeyPoint Government Solutions.
The independent publicly traded combined company has 14,000 employees and $4.2 billion in pro-forma revenues, Perspecta said Friday.
Mac Curtis, president and CEO of Perspecta, said the transactions work to build on the companies’ intellectual property, knowledge of government priorities and human resources in support of customer missions.
Curtis, a 2018 Wash100 awardee and most recently president and CEO of Vencore, noted in May that Perspecta aims to position itself in the government IT services market using its applied research work as a key differentiator.
He also explained that the new company’s name serves to represent “optimism and excitement” about its offered value to government customers.
DXC said in late 2017 the planned spinoff of Perspecta, its former U.S. public sector business, is anticipated to create a “top five” government information technology services contractor.
The company set May 25 as the record date of the spinoff and distributed to its shareholders Thursday one share of Perspecta common stock for every two shares of DXC common stock.
Perspecta then conducted a Reverse Morris Trust transaction to combine with Vencore and KeyPoint, which will now operate as wholly owned subsidiaries of Perspecta.
Veritas Capital Management, former owner of Vencore and KeyPoint, received $400 million in cash and an estimated 23 million shares of Perspecta common stock.
Guggenheim Securities was the financial adviser and Latham & Watkins the primary legal adviser, both to DXC regarding the spinoff and to DXC and Perspecta regarding the merger.