Qinetiq completes acquisition

announced today that it has completed the acquisition of Boldon James from ISIS Equity Partners and other share holders.

Qinetiq says the acquisition is in line with its strategy to grow in Europe, the Middle East and Australasia (EMEA). The acquisition has been settled for an initial cash consideration of around £15.7m, with a further conditional payment of around £4.3m.

Boldon James, which has 70 employees and is headquartered in Crewe, Cheshire, provides software solutions for high end secure messaging. The company’s principal customers are international systems integrators, such as EDS, EADS, IBM, Fujitsu and Steria.

Other customers or end users include the UK's Ministry of Defence, the German Bundeswehr and the US Department of Defense.

Commenting on the agreement, Qinetiq’s chief executive officer Graham Love said: ‘This acquisition is part of the ongoing process to shape our EMEA business by growing our capabilities and extending our geographic footprint.

‘Boldon James brings us established product and service offerings in our strategic markets, and a track record of taking software products to market that augments our own expertise.’