Veritas Capital has completed its $3.4 billion acquisition of Northrop Grumman's IT and mission support services business, Veritas reported on Monday. Veritas announced the multi-billion dollar transaction in Dec. 2020, stating that the transaction will enable Veritas to establish a technology-enabled services platform that can deliver support to a wide range of critical government missions through its combination with Peraton.
“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, and 2020 Wash100 Award recipient.
With the close of the purchase, Northrop Grumman's IT and mission support services business will combine with Peraton, a portfolio company of Veritas. Peraton delivers differentiated intelligence, cyber, defense, space, homeland security and communications capabilities to federal agencies and commercial entities.
“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,“ Musallam added.
As a combined business, Northrop Grumman's business and Peraton will become a government mission capability integrator and IT provider. The two businesses will deliver high-end technology-enabled services and support across a variety of critical government missions. The combined entity will operate as Peraton and will be led by Stu Shea, Peraton's chairman, president and CEO. Shea is also a 2020 Wash100 Award recipient.
“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 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.“