(MENAFN- Caribbean News Global)
LORTON, Va. & MCLEAN, Va.–(BUSINESS WIRE)–QinetiQ US, a wholly owned subsidiary of QinetiQ Group plc and a leading defense company providing mission-critical solutions in robotics and autonomous systems, sensing, protection systems, and next-generation autonomous vehicles announced today that it has entered into a definitive agreement to acquire Avantus Federal (Avantus) from NewSpring Holdings for an enterprise value of $590 million. The combination of QinetiQ US and Avantus will create a powerful growth platform to address the complex and large scale intelligence and defense challenges government customers face today. The closing of the acquisition is subject to customary conditions, including regulatory approvals, and is expected to close by end of calendar year 2022.
Avantus is a leading provider of mission-focused cyber, data analytics, and software development solutions to the Department of Defense, Intelligence Community, Department of Homeland Security, and other law enforcement and civilian agencies. From supporting sensitive national security customers on some of the most complex data engineering, cyber, and analytics problems in the world, to providing key mission operational, intelligence, and cyber support to special operators, and helping accelerate new technologies into the warfighter's hands, Avantus has a strong track record of achieving speed-to-mission-impact.
“We have been thoroughly impressed by the quality of the Avantus employee base, leadership team, customer impact, and the sustained organic growth. We see great alignment in our culture and strategy,” said Steve Wadey, Group Chief Executive Officer for QinetiQ Group plc.“Avantus' highly integrated business, core capabilities, and customer relationships complement QinetiQ's distinctive offerings, allowing us to grow the services and solutions that benefit our combined global customers as their needs evolve at an accelerating pace.”
Both Avantus and QinetiQ are best-in-class providers of technology services and support, cyber and intelligence solutions, and information services. With high-trust, established customer relationships within the most important and enduring mission areas, this acquisition enhances the go-to-market strategy for both companies.
“We believe that the combination of QinetiQ US and Avantus will create a unique business in the US and globally with a powerful performance culture and scaled technical differentiation,” said Shawn N. Purvis, President and Chief Executive Officer of QinetiQ US.“This acquisition is a transformational platform that delivers on our growth strategy of building a disruptive mid-tier defense and intelligence company.”
“Our market is evolving rapidly and demanding more of our customers every day, and joining forces with QinetiQ US will deliver solutions at scale to meet the moment,” said Andy Maner, Chairman and Chief Executive Officer of Avantus.“With a shared culture of absolute customer focus and employee investment and a structure built for agility and speed, this opportunity to combine with QinetiQ US strengthens our defense presence and combined position across our intelligence and homeland, law enforcement, and civilian portfolio, and we are poised to continue our joint mission as an innovator unique to our market.”
The combination with Avantus will materially enhance QinetiQ US's position in the largest defence and intelligence market in the world by creating a large full solutions US Defense contractor business well-positioned within high growth and durable market areas. Avantus brings a strong order backlog, and the acquisition creates a compelling platform for new scaling organic and inorganic growth for QinetiQ in the US.
Guggenheim Securities, LLC served as exclusive financial adviser to Avantus and NewSpring Holdings, and Baker Tilly provided financial due diligence expertise. Blank Rome LLP and Kirkland & Ellis LLP served as counsel to Avantus. Citizens and Gleacher Shacklock served as joint lead financial advisers and Baker McKenzie served as counsel to QinetiQ.
About QinetiQ US
QinetiQ US is a leading defense and security company in the United States providing mission-led innovation at pace. QinetiQ US is a provider of technologically advanced services and products to the US Department of Defense and national security agencies, positioned to deliver key aspects of the modernization required to address our customers' pivot to counter near peer adversaries. QinetiQ's engineering services span the DoD and Intel community providing subject matter expertise in the areas of communications, sensor integration and research and development, survivability and unmanned ground combat systems.
QinetiQ US operates as the U.S. arm of QinetiQ Group plc (QQ.LSE), a global integrated defense and security company focused on innovation for defense, security and civil customers around the world. QinetiQ US employees are based predominantly in Virginia and Massachusetts and operate under a Special Security Agreement (SSA) with the U.S. Defense Counterintelligence & Security Agency (DCSA). QinetiQ US is creating new ways of protecting what matters most; testing technologies, systems, and processes to make sure they work as expected; and enabling customers to deploy new and enhanced-existing capabilities with the assurance they will deliver the outcomes required. Please visit our website at and follow us on LinkedIn, Twitter, and Facebook @QinetiQUS.
About Avantus Federal
Avantus Federal is a mission-focused data, cyber, and space services and solutions company. As a mid-market powerhouse with an intentional blend of elite talent, infrastructure, and speed to impact, Avantus and its approximately 1,150 highly-cleared professionals lead with technical and domain expertise for its Defense, Intelligence, Homeland Security, and Federal Civilian customers.
Helping to solve some of the toughest national security problems and government missions, Avantus' offerings enable services at scale, including cyber technologies and operations, data and software solutions, digital engineering and integration, intelligence analysis and operations, space domain capabilities, transformation and advisory services, and more. Visit Avantus Federal at .
About NewSpring Holdings
NewSpring Holdings, NewSpring's dedicated holding company with a strategy focused on control buyouts and platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at .
Strategic Marketing and Communications Director
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.