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SI completes $165M QinetiQ services deal

The SI Organization has completed its $165 million acquisition of QinetiQ North America’s services and solutions group.

The deal marks a big farewell to the U.S. services market for QinetiQ, which saw its revenue fall in recent years as the U.S. market contracted with the draw-down in Iraq and Afghanistan and simultaneous budget pressures from sequestration and a government shutdown last year.

Because of those market conditions, the British parent QinetiQ Group plc no longer saw the U.S. market as a growth driver, and because of its structure as a foreign-owned company, keeping the U.S. services business had become too expensive.

The company is keeping its product business, which includes Cyveillance, a cybersecurity business, as well as its robotic products and other high-end defense products.

For SI, the deal will be transformative as the company is picking up about 2,800 employees and will have $1.3 billion in annual revenue. It adds capabilities in systems engineering and integration and software solutions, particularly in areas such as cyber, analytics, software development and IT.

“This acquisition culminates a thoughtful process to bring together two great companies, and their employees, to better serve the mission of our customers,” said Mac Curtis, CEO of the SI in a statement.

Posted by Nick Wakeman on May 28, 2014 at 12:54 PM

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