Software supplier Detica has agreed to a takeover by BAE Systems
for more than £500m.
The
Guildford-based
group generates around two-thirds of its revenues from national
security, with the rest coming from telecoms and financial
services.
Tom Black, Detica CEO, said further development of the business
under the ownership of BAE Systems will be attractive for both
customers and employees.
BAE Systems is Europe's
biggest defence company. Its chief operating officer, Ian King,
said the acquisition "will combine Detica's well established
customer relationships and technical capabilities together with our
system integration capabilities."
Clive Forestier-Walker, Numis Securities analyst, said, "It's a
strategic deal at a full price."
In a
separate statement, Detica said that its sales in the three
months to June 30 rose by 14% on the same period in the pervious
year, boosted by government contracts. "Strong demand in our
government markets has more than offset the continuing weakness in
our financial services unit," it said.
