An investor group led by General Atlantic and affiliates of Kohlberg Kravis Roberts, in partnership with the management team of Tasc, have signed a definitive agreement to acquire 100 per cent of Tasc from Northrop Grumman in a transaction valued at USD1.65bn.
Founded in 1966, Tasc today generates approximately USD1.6bn in revenue and has nearly 5,000 employees serving a range of intelligence, defence and civil agencies.
“Today’s announcement is another major milestone in Tasc’s long history of leadership in serving the federal government and national security communities, and provides an exceptional foundation for our continued growth,” says Wood Parker, Tasc’s general manager and prospective president and chief executive. “As a fully independent entity, Tasc will expand its ability to solve the US government’s most pressing technical challenges. Our singular focus, as always, will remain supporting the vital missions of our customers.”
The investor group worked closely with a team of expert advisers including Dr. Donald M. Kerr, former head of the National Reconnaissance Office; Peter A. Marino, former director of technical services for the CIA; R. Evans Hineman, a former senior leader in the intelligence community and former president of Tasc from 1998 to 1999; James H. Frey, former president of Tasc until 2002; and Reuben Jeffery, former Undersecretary of State for Economic, Energy and Agricultural Affairs.
“Tasc is at the intersection of General Atlantic’s long-standing experience as growth equity investors in the professional services, information technology, and government sectors. We look forward to a long-term partnership,” says Steven A. Denning, chairman of GA.
Neither General Atlantic nor KKR currently has portfolio companies that provide SETA services or focus primarily on providing technology services or platforms to the US government, ensuring full compliance with the government’s emphasis on OCI avoidance.
The parties expect to complete the transaction in the fourth quarter of 2009, subject to customary approvals.
