PRSP - Perspecta Completes Acquisition of Knight Point Systems
CHANTILLY, Va., Aug. 1, 2019 /PRNewswire/ -- Perspecta Inc. (NYSE: PRSP), a leading U.S. government services provider, announced today that it has completed the acquisition of Knight Point Systems, LLC (Knight Point) for a purchase price of $250 million, subject to customary purchase price adjustments, which represents a single-digit multiple on forward-12-months earnings before interest, taxes, depreciation and amortization (EBITDA). The transaction is expected to be accretive to fiscal year 2020 adjusted earnings per share excluding one-time transaction costs.
This acquisition further enhances Perspecta's robust and proven offerings in cloud, cyber, digital transformation and enterprise IT that modernize and transform government mission delivery.
Knight Point is an end-to-end managed services and solutions provider focused on modernizing IT, protecting critical networks and driving digital transformation. Knight Point leverages a scalable portfolio of IP to solve complex customer challenges in cloud, cybersecurity and agile DevSecOps environments. The company's unique managed services delivery frameworks drive customer transparency and operational excellence, while providing rapid and efficient solution delivery. This end-to-end "as a service" model revolutionizes the way customers acquire, scale, monitor and maintain technology and services.
"I am pleased to welcome all Knight Point employees and customers to the Perspecta team," said Mac Curtis, president and chief executive officer of Perspecta. "We are impressed by Knight Point's deep customer intimacy, rich legacy of innovation, patented IP and delivery of IT and cyber managed services programs to customers such as the Departments of Defense and Homeland Security. This is a great first acquisition for Perspecta that fits within our capital allocation model and strengthens our capability set. We consider Knight Point to be complementary to Perspecta's culture and offerings, while accelerating our growth strategy."
"As we looked for opportunities to grow our business, it became evident that the scale, strategy and compelling growth engine offered by Perspecta was the perfect home for our company, customers and employees," said Bob Eisiminger, chief executive officer of Knight Point. "It was so important to me that we identify a company that will value our employees and honor our mission to successfully serve federal agencies. I am completely confident that moving forward with Perspecta was the right decision on every level."
About Perspecta Inc.
At Perspecta (NYSE: PRSP), we question, we seek and we solve. Perspecta brings a diverse set of capabilities to our U.S. government customers in defense, intelligence, civilian, health care and state and local markets. Our 270+ issued, licensed and pending patents are more than just pieces of paper, they tell the story of our innovation. With offerings in mission services, digital transformation and enterprise operations, our team of 14,000 engineers, analysts, investigators and architects work tirelessly to not only execute the mission, but build and support the backbone that enables it. Perspecta was formed to take on big challenges. We are an engine for growth and success and we enable our customers to build a better nation. For more information about Perspecta, visit perspecta.com.
This press release may contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Perspecta and are subject to significant risks and uncertainty. Readers are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Perspecta undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Perspecta believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve a variety of risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements.
SOURCE Perspecta Inc.