October 22, 2014
BAE Systems (BASEY) has acquired cloud-based security solutions SilverSky in a cash-free, debt-free deal worth $232.5 million. SilverSky hopes to leverage its acquirer’s global resources to bring its solutions to market faster.
BAE announced the deal on Tuesday. The company is a provider of defense, aerospace and security solutions and plans to incorporate SilverSky into its Applied Intelligence division.
SilverSky’s customers include more than 5,500 organizations in a variety of industries, including financial, healthcare and retail. It also serves a group of mid- to large-sized commercial enterprises.
“BAE Systems is a large, multi-national company with a tremendous brand and financial resources,” said Tim Harvey, CEO at SilverSky. “We expect to leverage their presence in the market to grow our business as quickly as possible.”
“BAE Systems also has a history of innovation in security technology, which means we will be able to bring our customers more leading cloud-based security solutions more quickly,” he said.
Harvey added: “BAE Systems will help us execute on our existing strategy more effectively, giving us the gravitas and reach to grow our channel business faster, as we continue to invest more money into our cloud security intellectual property, and our cloud infrastructure,” he said.
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