Deal done: Perspecta now in the fold of Peraton

Private equity firm Veritas Capital closes its acquisition of Perspecta, which is now being integrated with Peraton to present a new $7 billion-revenue government technology player.

Four months on from the initial announcement, private equity firm Veritas Capital has completed its acquisition of Perspecta and merged that company into portfolio government technology firm Peraton.

Peraton now doubles in size to approximately $7 billion in annual revenue nearly three months after the company absorbed the former Northrop Grumman IT services business. That deal alone tripled Peraton’s scale to $3 billion-plus in pro forma annual sales at the time excluding Perspecta.

Nearly three-fourths of Perspecta's stockholders approved the sale of the company on Wednesday, which was the final hurdle to clear in closing the deal. Veritas held 11.7 percent of the stock before moving to acquire the whole and combine it with Peraton.

Peraton has already unveiled the structure it will operate under and the executive team for both corporate-wide functions and the business units with CEO Stu Shea leading the ongoing integrations.

The company is also touting a current backlog of approximately $24.4 billion and having 22,000 employees with 7,500 of them having the highest-level security clearance.

On the scale front, both transactions vault Peraton past some of the government technology and professional services market’s largest publicly-traded companies to put it on par with Booz Allen Hamilton and Science Applications International Corp.

Leidos and General Dynamics’ IT services segment remain the biggest two in terms of annual sales.