BAE Systems to Acquire SilverSkyCloud Security Provider Becoming Unit of London-Based Firm
Defense and security firm BAE Systems is acquiring cloud security provider SilverSky for $232.5 million in a move to strengthen its commercial cybersecurity business.
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BAE Systems says it will incorporate SilverSky into its applied intelligence division.
SilverSky, based in Milford, Conn., offers cloud-based e-mail and network security solutions. The firm employs approximately 400 and has about 5,500 customers in the financial services, retail, healthcare and energy sectors. SilverSky expects to generate sales for 2014 of about $75 million, according to BAE's announcement of the deal.
The acquisition will be funded from BAE Systems' existing cash resources, the company says. The transaction is conditional upon receiving certain regulatory approvals and is expected to close before the end of this year.
"[With the acquisition], the enlarged business will offer corporate clients a suite of products and services to protect critical information and networks and detect cyberthreats and financial information," says Ian King, BAE Systems CEO.
London-based BAE Systems has more than 80,000 employees on six continents, and offers a range of defense, aerospace and security solutions.