Huntington Ingalls closes Fulcrum acquisition

NOTE: This article has been updated to include the value of the transaction.

Huntington Ingalls Industries said Monday it has completed its acquisition of Fulcrum IT Services, which will join the technical solutions division of HII.

First announced in January, the addition of Centreville, Virginia-based Fulcrum brings to HII new offerings in cybersecurity, engineering, software development, special operations, intelligence and big data analytics.

Fulcrum IT's now former owners -- Boyne Capital and Grindstone Partners -- announced that the deal was worth $193 million. They and Fulcrum's management team acquired the company in 2010 when annual revenue stood at $22 million. Revenue for 2018 was more than $160 million.

Known best as the U.S.’ largest military shipbuilder, HII has built up its technical solutions segment over the past two-and-a-half years to house the bulk of its government services work. That construction has included the recent acquisitions of Fulcrum and cyber company G2 in December, which followed a year-long integration process to pull HII's other services businesses into the technical solutions segment.

“We’ve got a lot of that behind us,” HII Technical Solutions President Andy Green told WT in December of the integration after the G2 deal’s announcement.

“We’re very well-positioned now to apply those lessons learned and take this platform that we’ve developed to bring in an acquisition like G2, and bring it in a very quick and seamless way.”

Technical solutions revenue totaled $988 million last year, up 3.8 percent from that of 2017. HII posted overall sales of $8.2 billion for 2018.