BAE Systems is set to acquire SilverSky for $232.5 million in a bid to grow its commercial cybersecurity business.
The company has entered into a definitive agreement to acquire Perimeter Internetworking Corp, which trades as SilverSky, a commercial cyber service provider, on a cash free and debt free basis.
The acquisition will be funded from BAE Systems’ existing cash resources. The transaction is conditional upon receiving certain regulatory approvals and is expected to close before the end of 2014.
BAE Systems, Chief Executive, Ian King, said the acquisition of SilverSky enhanced the company's strategy to grow BAE Systems’ Applied Intelligence commercial cyber security business.
“SilverSky’s cloud-based email and network security solutions, its highly skilled resource in marketing and engineering, plus an experienced management team are an ideal fit for Applied Intelligence, Together, the enlarged business will offer corporate clients a suite of products and services to protect critical information and networks and detect cyber threats and financial crime," he said.
"The enlarged business has outstanding growth opportunities.”
According to a company statement, SilverSky has an established sales force, a complementary suite of scalable products and a large installed customer base, providing a proven route to commercial markets in the US and other countries for our combined capabilities.