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January 1, 2009

Serco completes acquisition of SI International

SI to become part of Serco’s North American business

By CBR Staff Writer

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.

Their major customers include: US Army, US Air Force, US Navy, Department of Homeland Security, Department of State, US Federal Aviation Administration, Federal Retirement Thrift Investment Board, US Postal Service, and the intelligence community.

Christopher Hyman, CCEO of Serco Group, said: “We are delighted to welcome the employees of SI International to Serco. In the US, Serco is a leading supplier to the substantial US federal services market. We now have a stronger platform from which we will be able to offer our customers more integrated solutions and deliver robust growth for our shareholders.”

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