US IT defence contractor explores sale
18 Apr 2015
The owner of Vencore Inc is exploring a sale that could value the information technology defence contractor serving the US intelligence agencies, department of defence and other agencies at around $1.5 billion, including debt, Reuters today reported, citing people familiar with the matter.
Vencore's owner, private equity firm Veritas Capital Management, has hired Stone Key Group and Wells Fargo & Co to advise on an auction for the company, the report said.
Veritas Capital had acquired Vencore (earlier called SI Organization Inc) in 2010 from Lockheed Martin for $815 million (See: Lockheed Martin to sell resource management unit to Veritas Capital for $815mn).
Virginia-based Vencore provides information solutions, engineering and analysis to the US Intelligence Community, Department of Defense and Federal/Civilian Agencies.
It designs and develops critical solutions in cyber security, data analysis and technology.
Vencore employs 4,800 people and has annual sales of $1.3 billion.
The 40 year-old company acquired British defence technology company QinetiQ Group Plc's US services division in a $215 million deal and last month, acquired its peer Scitor Corp for $790 million.
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