QinetiQ to Buy Online Snoop Firm; ACQUISITION
Byline: ANNA BLAC KABY
QinetiQ, the privatised defence technology specialist with a major base at Malvern, is set to acquire a United States online monitoring technology provider for an initial sum of pounds 26 million.
The firm has signed an agreement to acquire Virginia-based Cyveillance, a company which provides technology to identify and track data online, in a deal which will position QinetiQ in the growing North American and international cyber-intelligence markets.
The acquisition is in line with QinetiQ's strategic focus on high-value, highgrowth segments of the US defence and security market.
QinetiQ Group chief executive Graham Love said: "Cyveillance's position in online monitoring technology builds on our existing capability in the growing US cyber security market.
"It complements our portfolio in security and intelligence solutions and services and provides the potential to leverage further QinetiQ North America contracts in open source intelligence and technology protection. We believe Cyveillance is well-positioned to benefit from the increased importance that the US administration is placing on addressing cyber-security as the threat of new and increasingly sophisticated online threats increases." Under the terms of the deal, QinetiQ will acquire 100 per cent of Cyveillance, which employs 75 people, from venture capital funds and management for an initial cash consideration of pounds 26 million but there will be potential for further consideration of up to a maximum of pounds 26 million depending on the company's financial performance in the two-year period ending December 31 2010. …