DXC Technology unveils the date when its U.S. public sector business will separate and merge with two other government IT contractors to form what is becoming the new "Perspecta."
DXC Technology said Monday it plans to wrap up the spinoff and subsequent merger of its U.S. public sector business with a pair of other government services contractors to form the future “Perspecta” after financial markets close on May 31.
Perspecta will then begin to trade on the New York Stock Exchange on June 1. DXC stockholders will own 86 percent of the shares in Perspecta upon completion of the complex Reverse Morris Trust merger, though which the U.S. public sector business will separate from DXC and then combine with Vencore and KeyPoint Government Solutions.
Upon its launch, Perspecta will become one of the largest government IT and professional services players at $4.3 billion in revenue. That puts Perspecta on scale with the likes of CACI International and Science Applications International Corp, which respectively reported $4.3 billion and $4.5 billion in sales for their most recent fiscal years.
Vencore CEO Mac Curtis will be chief executive of Perspecta, while DXC’s U.S. public sector leader in Marilyn Crouther will become chief operating officer. DXC CEO Mike Lawrie will be chairman of Perspecta’s board of directors.
DXC launched in April 2017 upon the merger of Computer Sciences Corp. with the enterprise services business of Hewlett Packard Enterprise that added a roughly $2.9 billion U.S. public sector business at the time.
Both Vencore and KeyPoint are owned by private equity firm Veritas Capital, which will own 14 percent of the stock in Perspecta. Veritas CEO Ramzi Musallam will also hold a seat on the Perspecta board of directors.
Veritas acquired in 2010 what was then known as The SI Organization, which then purchased QinetiQ North America’s services business in 2014 and subsequently became Vencore. New York City-based Veritas purchased KeyPoint in 2009.
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