Perspecta completes Knight Point acquisition
Chantilly, VA-based Perspecta Inc. announced on August 1 that it has completed the acquisition of Knight Point Systems, LLC 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.”