Veritas Capital has closed its purchase of Perspecta and will integrate the latter with its portfolio company Peraton to create a combined entity focused on delivering enterprise information technology and mission capability integration support to federal, state and local government agencies.
Stu Shea, chairman, president and CEO at Peraton and a 2021 Wash100 winner, will lead the combined company that will operate under the Peraton brand, Veritas said Thursday.
Shea said Peraton will use its technologies, team and scale to deliver against the challenges facing the government and will fuse mission-enabling services with enterprise offferings in support of customers.
“Perspecta has always been a differentiated, innovative leader in this industry, and this combination with Peraton will create a powerhouse within the government technology market,” said Ramzi Musallam, CEO and managing partner of Veritas and a 2021 Wash100 awardee.
“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,” Musallam added.
The announcement came more than four months after Veritas agreed to buy Perspecta in an all-cash transaction worth $7.1 billion, or $29.35 in cash per share, and days after Shea announced the leaders of the nine business sectors of the new Peraton structure post-close. In February, the private equity firm completed the acquisition of Northrop Grumman’s (NYSE: NOC) IT and mission support business, which will also combine with Peraton.
With the acquisitions, Peraton now has 22,000 employees with a current backlog of about $24.4 billion and approximately $7 billion in annual revenues.