BAE Systems, a New England Council Member, ranks among the world’s largest defense companies. The company is now planning to boost its cybersecurity arm through the acquisition of SilverSky, which provides cloud-based cybersecurity services.
Silversky has a large customer base, and is focused in sectors including finance, retail, energy and critical infrastructure. The company offers security services including protecting a client’s network or securely storing their data. Silversky is heavily focused on operations within the US, but has been expanding in Europe and Asia. With BAE Systems based in Europe but wishing to extend its cybersecurity activities within the US, the acquisition seems a natural progression for both. SilverSky is expected to generate sales of $75 million in 2014 and start increasing BAE’s earnings three years after the deal closes, the company said.
“The acquisition of SilverSky enhances our strategy to grow BAE Systems’ Applied Intelligence commercial cybersecurity business,” said Chief Executive Ian King. The $232.5 million transaction is expected to close before the end of 2014, upon receiving regulatory approvals.
BAE Systems has remained a leading force in the defense industry worldwide, and the New England Council applauds them for taking steps further to secure and protect important stored data for companies in New England and beyond.