Inmarsat Acquires U.S. Government Services Provider
November 24, 2009 | Staff Writer
Inmarsat has acquired government and military Internet protocol managed solutions and services provider, Segovia, along with the company’s assets, Inmarsat announced Nov. 23.
Inmarsat will initially pay $110 million with cash on hand and has structured the deal to possibly pay additional amounts depending on Segovia’s future performance over the next three years. Segovia executive management will operate Segovia as a separate business reporting to Stratos CEO and President Jim Parm. Stratos is Inmarsat's direct distribution business.
With Segovia's secure global communications infrastructure and its highly qualified and security cleared staff, we will further strengthen our relationships with key government customers across land, maritime and aeronautical environments, and bring enhanced services to the government sector generally," said Inmarsat CEO Andrew Sukawaty, in a statement.
The transaction is expected to close in early 2010.