Transactions

Stone Key Partners has served as an advisor on many of the most complex, industry-defining strategic transactions that have helped to shape the overall landscape for participants in the Government and Commercial Technology sectors.

Since our inception in mid-2008, Stone Key has announced or completed 24 transactions totaling approximately $19 billion in transaction value.

Transaction Highlights

  • Date/Status
  • Client
  • Description
  • Transaction Value
  • October 11, 2017
    (Pending)
  • Financial Advisor to Veritas Capital, Vencore Holding Corp. and KeyPoint Government Solutions
  • Not Disclosed

DXC Technology, today announced that its board of directors unanimously approved a plan to combine its U.S. Public Sector business with Vencore Holding Corp. and KeyPoint Government Solutions, affiliates of Veritas Capital, to form a separate independent publicly traded company to serve U.S. public sector clients.  The formation of the new company is expected to be completed by the end of March 2018.

 

  • March 01, 2017
    (Closed)
  • Financial Advisor to Wipro on the divestiture of EcoEnergy (its Energy management business unit) to United Technologies Corporation
  • $70 million

UTC Climate, Controls & Security has successfully completed its planned acquisition of EcoEnery, Wipro Limited’s energy services business division. EcoEnergy, based in Bengaluru, India, is a leading energy management solutions company that optimizes customers energy consumption by analyzing insights gained from its software-as-a-service platform, big data analytics and domain-centric people and processes.

  • December 09, 2016
    (Closed)
  • Financial Advisor to Everstone Group and       Sunrise BPO on the acquisition of C3/CustomerContactChannels
  • Not Disclosed

Everstone Group, a private equity firm based in Singapore, along with Sunrise BPO, a Business Process management company also based in Singapore, jointly acquired US-based C3/CustomerContactChannels, a global CRM solutions provider. C3 was a portfolio company of Stone Point Capital.

  • November 30, 2015
    (Closed)
  • Financial Advisor to SRA in its combination with CSC Government Services
  • $2.4 billion

CSRA completes merger with SRA International, along with planned refinancing and payment of previously announced special dividend.  CSRA, with 19,000 employees and pro-forma revenues of $6.5 billion, helps U.S. government customers modernize their legacy systems, protect their networks and assets, and improve the effectiveness and efficiency of mission-critical functions.

  • September 21, 2015
    (Closed)
  • Financial Advisor to Fruition Partners on its sale to CSC
  • Not Disclosed

CSC a global leader in next-generation IT services and solutions, today announced it has closed the acquisition of Fruition Partners, the leading provider of technology-enabled solutions for the service-management sector and the largest ServiceNow-exclusive service management consulting firm. The proposed acquisition will enable CSC to offer enterprise and emerging clients an expanded range of cloud-based service-management solutions to improve their business results through organizational efficiency and lower operating costs.

  • January 06, 2015
    (Closed)
  • Financial Advisor to General Dynamics on the divestiture of AxleTech International to The Carlyle Group
  • Not Disclosed

Global alternative asset manager The Carlyle Group (NASDAQ: CG) has acquired AxleTech International, a global engineering and manufacturing company for off-highway and specialty vehicle drivetrain systems and components headquartered in Troy, Michigan, from General Dynamics Corporation. Terms of the transaction were not disclosed.

  • May 23, 2014
    (Closed)
  • Financial Advisor to QinetiQ plc on the divestiture of its US Services division to The SI Group
  • $215 million

QinetiQ US Holdings Inc., an indirect subsidiary of QinetiQ Group plc, has entered into a conditional agreement to sell the QinetiQ Group’s US Services division (excluding Cyveillance®) to The SI Organization, Inc. for an initial cash consideration of US$165 million plus a potential earnout of up to US$50 million in cash, following a market testing exercise that attracted a number of interested parties.

  • January 31, 2013
    (Closed)
  • Financial advisor to GeoEye on its sale to DigitalGlobe
  • $1.1 billion

The management and Board of Directors of GeoEye, a leading provider of high resolution satellite imagery and data analytics to the U. S. national security community, as well as other non-U.S. Government and commercial customers, agreed to combine with DigitalGlobe in a stock and cash transaction valued at approximately $1.1 billion.  With the potential to realize more than $1.5 billion in cost and capital-related savings, the combination of the two companies creates a global leader in earth imagery and geospatial analysis, with a  diversified revenue base, a strong financial foundation and significant growth potential.

  • November 15, 2011
    (Closed)
  • Exclusive financial advisor to Cobham plc on the divestiture of Sparta Inc. (Cobham Analytic Solutions) to Parsons Corporation
  • $350 million

The management and Board of Directors of Cobham plc decided to divest Sparta, a leading provider of scientific and engineering services to the U.S. missile defense and national security markets, as part of a portfolio optimization strategy to focus on the company’s higher growth and higher margin products businesses. The transaction, Parsons’ largest in over two decades, represented a significant expansion into advanced technology mission-oriented technical and professional services to the defense and national security markets.

  • September 30, 2011
    (Closed)
  • Exclusive financial advisor to General Dynamics on the acquisition of Vangent from Veritas Capital
  • $960 million

General Dynamics acquired Vangent, a leading provider of health informatics and information exchange, electronic health records and data analytics, as well as state-of-the-art business-process outsourcing solutions and systems to federal agencies, to create a tier 1 provider in the healthcare IT market with the capabilities to address the key requirements of federal healthcare customers.

  • July 28, 2011
    (Closed)
  • Exclusive financial advisor to Integral Systems on its sale to Kratos Defense and Security
  • $266 million

Integral, a global provider of satellite command and control, telemetry, digital signal processing and communications information assurance products and systems, agreed to be acquired by Kratos Defense and Security following the completion of a comprehensive evaluation of the company’s strategic alternatives.  The acquisition expanded Kratos’ capabilities in cybersecurity, intelligence, communications and unmanned aerial systems, all higher growth areas which will receive funding priority over the coming years.  Kratos’ purchase price of $266 million equated to a transaction multiple of approximately 9.5x CY2011 adjusted EBITDA.

  • July 26, 2011
    (Closed)
  • Financial advisor to L-1 Identity Solutions on its sale to Safran
  • $1.64 billion

Following a comprehensive assessment of the company’s strategic alternatives, L-1 Identity Solutions, a leading provider of biometric identity management, secure credentialing solutions, enterprise access control and identity enrollment services, agreed to be acquired by Safran. The $1.6 billion acquisition added a suite of technologies that enhanced Safran’s existing technology and product offerings across a broad range of Identity Management and Homeland Security applications.  L-1 also provided Safran with an ideal platform to build its footprint in the critical U.S. market.  Due to regulatory constraints, the successful completion of the transaction required the divestiture of  L-1’s Intelligence Services Group to BAE Systems prior to the acquisition of L-1.  Safran’s purchase price equated to a transaction multiple of approximately 12.7x CY2011 adjusted EBITDA.

  • July 04, 2011
    (Closed)
  • Exclusive financial advisor to General Dynamics on the divestiture of General Dynamics Detection Systems to Chemring
  • $90 million

General Dynamics’ management and Board of Directors elected to divest the company’s Detection Systems business, a leading supplier of devices for detecting chemical, biological and explosive threats for the DoD, as part of a broader strategic portfolio realignment.  The transaction represented a meaningful expansion by Chemring plc into attractive DoD-related  chemical, biological and explosive/counter-IED detection markets to augment its existing capabilities.

  • February 15, 2011
    (Closed)
  • Financial advisor to L-1 Identity Solutions on the divestiture of its Intelligence Services Group to BAE Systems
  • $303 million

To mitigate regulatory restrictions which prevented certain non-U.S. buyers of L-1 Identity Solutions from owning L-1’s Intelligence Services Group, a leading provider of IT and analysis services to the U.S. Intelligence Community, the business unit was divested prior to the acquisition of L-1.  The $303 million acquisition was consistent with BAE Systems’ strategy of expanding its services capabilities in the growth areas of cyber and intelligence, and enhanced BAE Systems’ ability to meet the growing needs of its government intelligence, defense and security customers.

  • November 23, 2010
    (Closed)
  • Financial advisor to Lockheed Martin on the divestiture of its Enterprise Integration Group to Veritas Capital
  • $815 million

Due to Organizational Conflict of Interest (“OCI”) regulations, Lockheed Martin’s management and Board of Directors decided to divest the company’s Enterprise Integration Group business, a premier provider of high-end systems engineering and integration services to the DoD and National Intelligence Community.  The $815 million transaction represented a significant strategic investment by Veritas Capital in a premier systems engineering and integration business with highly differentiated capabilities serving a variety of classified defense and intelligence agencies.

  • October 04, 2010
    (Closed)
  • Exclusive financial advisor to ICx Technologies on its sale to FLIR Systems
  • $274 million

ICx Technologies, a leading developer and integrator of advanced sensor technologies for homeland security, force protection and commercial applications, agreed to be acquired by FLIR Systems following a competitive auction process that resulted from ICx’s Board of Directors’ assessment that a strategic partner with broader distribution channels, more developed support infrastructure and brand name recognition provided the best opportunity to maximize the potential of the company’s technology and product offerings.  The acquisition expanded FLIR’s capabilities into advanced sensors for chemical, biological, radiological, nuclear and explosives (CBRNE) detection for the defense and homeland security markets.  The acquisition also enhanced FLIR’s existing product suite with the addition of ICx’s advanced radars and integrated surveillance platforms.  FLIR’s purchase price of $232 million equated to a transaction multiple of approximately 8.8x CY2011 adjusted EBITDA.

  • August 24, 2010
    (Closed)
  • Financial advisor to Monster Worldwide on the acquisition of Yahoo HotJobs from Yahoo! Inc.
  • $225 million

Monster Worldwide’s acquisition of Yahoo HotJobs, a leading online recruitment website, expanded the company’s North America online job board presence and enhanced traffic to the Monster website through a commercial traffic agreement with Yahoo. The three year commercial traffic agreement allowed Monster to become Yahoo’s provider of career and job content on the Yahoo homepage in the United States and Canada.

  • August 05, 2010
    (Closed)
  • Exclusive financial advisor to Argon ST on its sale to The Boeing Company
  • $777 million

Argon ST, a leading provider of C4ISR, cyber and intelligence systems and sensors to the DoD, agreed to be acquired by The Boeing Company in an all-cash transaction following a comprehensive review of the company’s strategic alternatives. Argon represented Boeing’s largest defense-related acquisition since the purchase of Hughes Satellite Systems in 2000.  The addition of Argon bolstered Boeing’s capabilities in the areas of SIGINT (Signals Intelligence), ESM (Electronic Support Measures), EW (Electronic Warfare) and IO (Information Operations). The purchase price of $777 million, a 61% premium to the unaffected price, equated to a transaction multiple of approximately 10.8x forward EBITDA.

  • October 26, 2009
    (Closed)
  • Exclusive financial advisor to BBN Technologies on its sale to Raytheon
  • $350 million

Following a decision by General Catalyst and Accel Partners to monetize their investment in BBN Technologies, a leading provider of research and development focused on critical solutions for national defense and security missions, the company agreed to be acquired by Raytheon for $350 million. The transaction strengthened Raytheon’s technological capabilities in the fields of networking, speech and language recognition solutions, sensor systems, cybersecurity and information technology.

  • October 01, 2009
    (Closed)
  • Exclusive financial advisor to Stream on its combination with eTelecare through a stock-for-stock merger
  • $305 million

The combination of Stream with eTelecare, a premium provider of business process outsourcing solutions that specializes in customer relationship management, created a global BPO business with a diversified Fortune 1000 customer base, an experienced executive team, a comprehensive BPO services portfolio and complementary capabilities with technical and product leadership across a wide range of industries. As a result of the stock-for-stock combination, the Stream shareholders, which included Ares Management, owned 57.5% of the combined entity and the eTelecare shareholders, which included Providence Equity Partners and Ayala Corporation, owned 42.5% of the new company.

  • September 02, 2009
    (Closed)
  • Exclusive financial advisor to General Dynamics on the acquisition of Axsys Technologies
  • $643 million

General Dynamics’ acquisition of Axsys Technologies, a leading global provider of high-performance surveillance cameras, imaging systems and related motion control technologies, added significant capabilities to the company’s existing intelligence, surveillance and reconnaissance expertise and enabled General Dynamics to further strengthen its portfolio of offerings and discriminators in the high-growth tactical ISR market.

  • October 22, 2008
    (Closed)
  • Exclusive financial advisor to DRS Technologies on its sale to Finmeccanica
  • $5.22 billion

DRS Technologies, a leading supplier of integrated defense electronics products, services and support, agreed to be acquired in an all-cash transaction by Finmeccanica following a review of the company’s strategic alternatives.  The transaction allowed Finmeccanica to solidify its role as a leading global supplier of integrated systems for defense and security, while expanding its presence in the critical U.S. market.  The combination positioned DRS to more effectively pursue new business opportunities both in the U.S. and abroad, while operating as a wholly-owned subsidiary and maintaining its current management and headquarters.  The purchase price of $5.2 billion, a 27% premium to the unaffected price, equated to a transaction multiple of approximately 11.2x forward EBITDA.

  • July 31, 2008
    (Closed)
  • Exclusive financial advisor to Global BPO Services on the acquisition of Stream Holdings Corporation
  • $226 million

Global BPO Services, a $250 million Special Purpose Acquisition Company (SPAC), acquired Stream Holdings Corporation, a leading provider of global customer relationship management and other business process outsourcing services, to form Stream Global Services. The transaction allowed Global BPO Services to realize its strategy of acquiring an operating platform to create a business capable of offering global corporations integrated BPO solutions across a variety of corporate functions using a common technology architecture. In order to facilitate the transaction, simultaneous with the closing, Global BPO sold a 73% stake in the combined company to Ares Management LLC in the form of convertible preferred stock and warrants.

  • July 31, 2008
    (Closed)
  • Exclusive financial advisor to Monster Worldwide on the acquisition of Trovix
  • $72 million

Monster Worldwide’s acquisition of Trovix, a leading provider of employment products and services using intelligent search technologies, expanded the company’s unstructured data search expertise beyond traditional keyword searches into contextual searches to provide customers with unparalleled querying and matching capabilities. Trovix’s technology further enhanced Monster’s value proposition to employers by providing improved candidate targeting and efficiencies in the recruiting process, resulting in a significant increase in return on investment for its customers.