Security Software Provider SilverSky Snapped Up by BAE Systems
SilverSky, a Milford, CT-based provider of cloud-based managed services and security software, said Tuesday it agreed to be acquired for $232.5 million by Britain’s BAE Systems and become part of the larger company’s applied intelligence division. SilverSky has offices in Boston, New York, Denver, Colorado Springs, CO, and Morrisville, NC, as well as in Florida and the Philippines.
SilverSky’s software is used to protect e-mail and computer networks. The company was formerly known as Perimeter E-Security. Its backers include Bessemer Venture Partners, Goldman Sachs, Stripes Group, Connecticut Innovations, and TTV Capital. According to BAE Systems, SilverSky is expected to generate $75 million in sales this year. The deal is scheduled to close before year’s end.
Defense and security giant BAE, based in London, has U.S. offices in the Boston area, Arlington, VA, Greenlawn, NY, Wayne, NJ, and other parts of the country. The acquisition is being pegged by BAE as a way to further build up its stake in managed services.