Serco Group, a UK-based service company, has completed the acquisition of SI International, a provider of IT and network services to the US government, following the receipt of all regulatory approvals.
Serco acquired SI International for $32 per share in cash, valuing its fully diluted share capital at $422 million.
SI, which will become a part of Serco’s North American business, is expected to enable Serco deliver integrated services to the $290 billion US federal government services market. Serco expects to expand its capabilities in offering IT, professional services, human capital management, engineering and logistics, national security, and intelligence.
Serco North America and SI will have combined annual revenue of $1.3 billion and approximately 11,500 employees. With Serco North America and SI having complementary customer bases, the combined company now serves all the branches of the military, several federal civilian agencies, and the intelligence community.